Urban Company's stock jumps 15% as SBI MF buys stake
Urban Company's stock jumped 15% on Wednesday, bouncing back from Tuesday's dip.
This big move came right after lock-in expiries, letting early investors sell their shares for the first time since the IPO.
Institutional investors now hold about 68.85% of Urban Company's shares
A ton of shares, about two-thirds of the company, just hit the market, but instead of crashing, the stock actually rose.
That's because big players like SBI Mutual Fund stepped in, picking up about a 3.98% stake for roughly ₹632 crore; institutional investors are estimated to hold about 68.85% of the company's shares.
This helped soak up selling pressure and kept prices steady.
Urban Company just posted a solid 33% jump in revenue
Urban Company just posted a solid 33% jump in revenue for Q3 (fiscal year not specified in source), even though there was a small loss, and they're out meeting global investors at roadshows in Edinburgh and London.
All this has boosted confidence that Urban Company could have a strong run ahead, even with some early investors cashing out now.