The Urban Company IPO has become one of the most closely watched public issues in September. A mainboard issue, the IPO opened for bidding on September 10. From a sharp jump in Grey Market Premium (GMP) to strong investor demand on Day 1, the excitement around the Rs 1,900 crore issue is growing by the hour.
As bidding is underway for the IPO, the big question is, will this issue list with hefty gains? Let’s take a look at the key details –
Urban Company IPO Day 2: GMP surges to Rs 39 from Rs 10 in 1 week
In the unofficial market, the share price of Urban Company has risen sharply over the past week. From just Rs 10 on September 2, it has shot up to Rs 39 as of September 10.
This sharp jump, as per the latest buzz, indicates growing investor appetite for the issue. At the current GMP, the share price of Urban Company is expected to list around Rs 142. This is nearly 38% higher than the IPO’s upper price band of Rs 103.
Urban Company IPO Day 1 subscription: Retail investors lead the charge
The IPO opened on September 10 and received a strong response from investors. In just 2 hours, the IPO was fully subscribed
The Urban Company IPO was subscribed 3.13 times at the end of day 1. The retail investors showed maximum interest. The retail portion was subscribed 7 times, while non-institutional investors (NII) category was subscribed 4.16 times. Qualified institutional buyers (QIBs) were relativey quiet, subscribing 1.31 times.
Urban Company IPO: Key details – price band, size and lot
Urban Company is raising Rs 1,900 crore through this IPO. The issue includes a fresh issue worth Rs 472 crore and an offer-for-sale (OFS) of Rs 1,428 crore.
The price band of Urban Company has been fixed at Rs 98-103 per share. For retail investors, the minimum lot size is 145 shares, requiring an investment of Rs 14,935 at the upper band.
For larger investors, the minimum bid size goes up significantly, with small NIIs needing to invest over Rs 2 lakh and big NIIs over Rs 10 lakh.
Urban Company IPO: Timeline – from bidding to listing
The IPO bidding window runs from September 10 to September 12. Investors must confirm UPI mandates by 5 PM on the final day of bidding – September 12.
The tentative allotment date is set for September 15, while refunds and credit of shares will follow on September 16. If all goes as scheduled, Urban Company will debut on September 17.
Urban Company IPO: Who is managing the issue?
Kotak Mahindra Capital Company is acting as the lead manager for the issue, while MUFG Intime India has been appointed as the registrar.