Urban Company Stock Soars: IPO Success Story
Urban Company Ltd's shares debuted in the stock market at a 57.52% premium. The IPO received high interest, reaching a subscription rate of 103.63 times and a valuation of Rs 24,216.49 crore. Funds will support technology, cloud infrastructure, and marketing. Operating in multiple countries, the platform offers diverse home and beauty services.
- Country:
- India
In a remarkable stock market debut, shares of Urban Company Ltd opened on a strong note, listing with an impressive 57.52% premium over its issue price of Rs 103.
Trading commenced at Rs 161 on the BSE, representing a significant 56.31% surge. The stock continued to rise, reaching Rs 179, translating to a 73.78% increase from the issue price.
On the National Stock Exchange (NSE), the shares were listed with a premium of 57.52% at Rs 162.25, buoying the company's market capitalization to Rs 24,216.49 crore. Urban Company, which launched a Rs 1,900-crore IPO with a pricing band of Rs 98-103 per share, received an overwhelming response, with a subscription rate of 103.63 times.
The raised capital is earmarked for developing new technology, enhancing cloud infrastructure, settling lease payments, ramping up marketing initiatives, and meeting general corporate needs.
Urban Company runs a technology-driven marketplace offering diverse services, including beauty treatments and home solutions, with operations extending beyond India to the UAE, Singapore, and Saudi Arabia.
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