[[{“value”:”
Hyperlocal services company Urban Company saw a decent start to its IPO, led by interest from retail investors. The retail portion of the public issue was oversubscribed 1.3X at 10:45, receiving bids for 2.6 Cr shares against 1.9 Cr shares reserved for them.
The portion reserved for employees was also oversubscribed 1.53X, receiving bids for 4.3 Lakh shares against 2.8 Lakh shares on Offer.
Qualified institutional buyers (QIBs) placed bids for 1.1 Cr shares against 5.8 Cr shares reserved for them, resulting in 20% subscription. Meanwhile, non-institutional investors (NIIs) bid for 2.3 Cr shares against 2.9 Cr shares on offer. The portion reserved for NIIs was subscribed 80%.
Overall, the issue was subscribed 57%, with investors bidding for 6 Cr shares against 10.7 Cr shares on offer.
Urban Company is looking to raise INR 1,900 Cr via its IPO, which comprises a fresh issue of up to INR 472 Cr and OFS component of up to INR 1,428 Cr.
The company has set a price band between INR 98 to INR 103 for its IPO and will be valued at around INR 14,000 Cr (about $1.5 Bn) at the upper end of the price band. The company raised INR 853.9 Cr in its anchor round yesterday.
The IPO will close on September 12 and the shares are expected to list on the exchanges on September 17.
(The story will be updated soon.)
The post Urban Company IPO: Retail Portion Oversubscribed 1.3X On Day 1 So Far appeared first on Inc42 Media.
“}]]
Read More Latest Startup News From The Indian Startup Ecosystem – Inc42 Media