Urban Company's ₹1,900cr IPO sees 58% subscription in hours
Urban Company's IPO—think beauty and home repairs at your doorstep—kicked off with a bang this week.
In just the first hour, it was already 58% subscribed, with bids for 62 million out of 107 million shares.
The IPO runs till Friday and aims to raise ₹1,900 crore.
Retail investors are loving the issue
Retail investors are loving it: their portion was oversubscribed by 1.6 times (29 million bids for just 19 million shares).
Shares are priced between ₹98-103 each, and early backers like Accel and Tiger Global are cashing in some of their stake.
Urban Company turned a profit this year
Started as UrbanClap in 2014, Urban Company connects people to everything from salon services to plumbing and appliance repair across 51 cities in India and abroad.
This year (FY25), they pulled in ₹1,144 crore revenue—a solid jump of 38%—and turned a profit of ₹240 crore after being in the red last year (FY24).
Shares will list on September 17th
Valued at nearly ₹15,000 crore ($1.7 billion), Urban Company has already attracted ₹854 crore from global anchor investors pre-IPO.
Shares will be allotted by September 15th and hit demat accounts on the 16th; listing is set for September 17th.
Demand is high—there's even a gray market premium about 35% above the top price band!