The initial public offer of app-based beauty and home services platform Urban Company Ltd received overwhelming investor participation, with the issue getting a huge 103.63 times subscription on the last day of bidding on Friday.
Illustration: Dominic Xavier/Rediff
The Rs 1,900-crore IPO received bids for 11,06,46,08,960 shares against 10,67,73,244 shares on offer, according to NSE data.
The category for Qualified Institutional Buyers (QIBs) got subscribed 140.20 times.
The portion for non-institutional investors fetched 74.04 times subscription, while the Retail Individual Investors (RIIs) part received 39.25 times subscription.
Urban Company on Tuesday raised Rs 854 crore from anchor investors.
The company’s Initial Public Offering (IPO) has a price band of Rs 98-103 per share.
At the upper end of the price band, the company’s valuation is pegged at Rs 14,790 crore.
The company plans to use funds raised through the fresh issuance for new technology development and cloud infrastructure, lease payments for its offices, marketing activities, and general corporate purposes.
Urban Company operates a technology-driven, full-stack online marketplace for quality-driven services and solutions across various home and beauty categories.
Apart from India, it has a presence in the United Arab Emirates, Singapore, and the Kingdom of Saudi Arabia.
Its platform enables consumers to easily order services, including cleaning, pest control, electrical work, plumbing, carpentry, appliance servicing and repair, painting, skincare, hair grooming, and massage therapy.
Kotak Mahindra Capital Company, Morgan Stanley India Company, Goldman Sachs (India) Securities and JM Financial are the book-running lead managers to the issue.
