Urban Company IPO Surges on Opening Day with Strong Investor Response
Urban Company's IPO was subscribed by 83% on its first day. Retail and non-institutional investors quickly filled their categories, while qualified institutional buyers took 20%. The Rs 1,900-crore offering, open until September 12, aims to fund technology development and corporate growth. Accel India and Elevation Capital are among the selling stakeholders.
- Country:
- India
On Wednesday, Urban Company Ltd's initial public offering (IPO) made a significant impact on its opening day, with an 83% subscription rate within minutes of the share sale commencing.
The data from the National Stock Exchange revealed that bids for 8,85,21,050 shares were received against the 10,67,73,244 shares available, marking a strong interest from retail and non-institutional investors, who saw their portions fully subscribed. In contrast, the Qualified Institutional Buyers (QIBs) segment reached a 20% subscription.
The Rs 1,900-crore IPO, which has garnered Rs 854 crore from anchor investors, remains open until September 12, with a price band of Rs 98-103 per share, valuing the company at Rs 14,790 crore at the upper end. Proceeds will be used for technology and infrastructure development, while existing stakeholders like Accel India and Elevation Capital plan to divest stakes.
(With inputs from agencies.)
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