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Shares of home services unicorn Urban Company made a bumper debut on the bourses today (September 17), listing 56.3% above their issue price at INR 161 apiece on the BSE.
On the NSE, the stock got listed at INR 162.25 per share, a premium of 57.5% over the issue price of INR 103.
Urban Company’s IPO closed with an oversubscription of 103.63X, with investors bidding for 1,106.45 Cr shares against the 10.67 Cr shares on offer.
The IPO comprised a fresh issue of INR 472 Cr and an offer-for-sale (OFS) element of INR 1,428 Cr. Accel, Elevation Capital, Tiger Global were among the investors who offloaded shares via the OFS, raking in up to 27X gain.
At 10:02, shares of Urban Company were trading at INR 175.35 apiece, up 70.2% over the issue price on the BSE. Its market capitalisation stood at INR 25,049.31 Cr ($2.85 Bn).
Founded in 2014, Urban Company initially operated as a full-stack online marketplace connecting service professionals with consumers. In 2023, the company also forayed into the consumer electronics segment by launching its native line of products such as water purifiers.
Earlier this year, it also launched Revamp which allows users to book one-day micro home makeovers. The service is currently available in Mumbai, Delhi NCR, Bengaluru, and Hyderabad.
In March, Urban Company launched Insta Help for users to get domestic help services at home.
(The story will be updated soon)
The post Urban Company Makes Bumper Debut, Shares List At 56% Premium appeared first on Inc42 Media.
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