Urban Company's IPO Achieves Blockbuster Subscription
Urban Company's Initial Public Offering (IPO) received a staggering 103.63 times subscription, driven by robust demand from investors. The company raised Rs 854 crore from anchor investors and aims to use the proceeds for technology development, marketing, and expansion. The IPO set a valuation of Rs 14,790 crore.
- Country:
- India
Urban Company's Initial Public Offering (IPO) witnessed an overwhelming 103.63 times subscription, highlighting substantial investor interest. The app-based beauty and home services platform's Rs 1,900-crore IPO drew bids for over 11 billion shares compared to the offered 10.67 million shares.
Qualified Institutional Buyers (QIBs) led the demand with 140.20 times subscription, while non-institutional investors subscribed 74.04 times and Retail Individual Investors (RIIs) saw 39.25 times subscription. The company had earlier raised Rs 854 crore from anchor investors before the public issue.
Priced between Rs 98-103 per share, Urban Company's IPO aims to fund technology and cloud infrastructure, office lease payments, marketing, and general corporate purposes. With a valuation at Rs 14,790 crore, the company, known for its technological service marketplace, operates in India, UAE, Singapore, and Saudi Arabia.
(With inputs from agencies.)
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