Urban Company's Shares Surge Over 62% on Market Debut
Urban Company's stock soared on its market debut, closing over 62% higher than the issue price. The app-based platform, which experienced immense investor interest with a subscription rate of 103.63 times, plans to invest in new technology, marketing, and corporate operations using funds from the Rs 1,900 crore IPO.
- Country:
- India
Urban Company Ltd, a leading app-based beauty and home services platform, made a striking debut on the stock market with shares closing over 62% higher than the issue price of Rs 103. The company's stock opened at Rs 161 on the BSE, up 56.31%, and surged as high as Rs 179 during intraday trading.
On the NSE, Urban Company's shares started trading with a 57.52% premium at Rs 162.25, eventually closing at Rs 166.83, marking a 61.97% increase. The company's market valuation reached approximately Rs 23,986.74 crore during its debut.
Urban Company intends to channel the funds from its oversubscribed Rs 1,900 crore IPO into technology development, cloud infrastructure, office leases, marketing, and other corporate purposes. The platform offers a wide range of services, from cleaning and pest control to beauty and wellness, and operates in India, the UAE, Singapore, and Saudi Arabia.
ALSO READ
European Shares Climb as Technology Stocks Lead Gains
IAEA Unveils Transportable Electron Beam System to Expand Global Access to Radiation Technology
Dev Accelerator Ltd Surges Over 5% After Market Debut
LG Electronics Ventures into Next-Gen Semiconductor Equipment with Hybrid Bonding Technology
Ashay Mohile: Pioneering Cybersecurity and Technology Innovation
Google News