Shares of Urban Company made a strong debut on the bourses on Wednesday. The stock opened at Rs 162.25 apiece on the NSE, a 57.5% premium over the IPO price of Rs 103. It settled at Rs 169 on the NSE, up 64%.
The home services marketplace’s market capitalisation touched Rs 24,267 crore.
On the BSE, the shares opened at Rs 161, up 56.3%.
Strong investor appetite
The company’s Rs 1,900-crore IPO was a mix of fresh issuance (~Rs 474 crore) and an offer for sale (OFS) of about 138.6 million shares totalling Rs 1,426 crore. The issue was subscribed 108.98 times, making it one of the most subscribed IPOs of the year.
Ahead of the public issue, Urban Company had raised over Rs 854 crore from anchor investors.
“This IPO is a milestone in our journey, but it is only the beginning of the next phase of growth. As we step into the public market, we remain committed to long-term value creation for our customers, partners, and investors,” said Abhiraj Singh Bhal, co-founder and CEO, Urban Company.
Backed by global investors
Ashutosh Sharma, head of Prosus India, which has raised its stake in the company to around 7%, said: “Since our first investment in 2021, we have watched Urban Company evolve from a ground-breaking initiative into a category-defining platform. Our continued investment in Urban Company reflects our deep conviction in the company’s future and in India’s extraordinary growth story.”
Founded in 2014, the Gurugram-based platform provides beauty, cleaning, plumbing, and other at-home services across more than 50 cities. The company has been positioning itself as a category leader in the organised home services market, backed by technology and standardised training for service professionals.
