Urban Company IPO Surges Amid Strong Investor Interest

The initial public offering of Urban Company Ltd, an app-based beauty and home services platform, saw overwhelming interest as it attracted subscriptions nine times the offering amount by its second inventory day on Thursday.

The Rs 1,900-crore IPO garnered bids exceeding 96.14 crore shares against the 10.67 crore shares available, per data from the NSE. The portion for non-institutional investors was oversubscribed 18.22 times, while retail individual investors subscribed 17.68 times. Qualified institutional buyers subscribed 1.48 times over their allotted part.

Having already raised Rs 854 crore from anchor investors on Tuesday, Urban Company is aiming for a valuation of Rs 14,790 crore at the peak of its price band. Proceeds from the new shares, which aim to accumulate Rs 472 crore, will be directed towards tech development, cloud infrastructure, office leases, marketing, and general purposes. The company also expands its services across India, the UAE, Singapore, and Saudi Arabia, offering a tech-driven marketplace for home and beauty services.

(With inputs from agencies.)