Urban Company IPO oversubscribed, listing Sept 17

Urban Company Ltd opened its Rs 1,900 crore initial public offering on September 10 and closed the three‑day subscription period on September 12 with overwhelming demand, drawing bids many times the shares on offer and setting the stage for a high‑profile listing on September 17. The Gurugram based app driven home and beauty services marketplace priced the issue in a band of Rs 98 to Rs 103 a share, with allotment due September 15 and shares slated to debut on the BSE and NSE two days later.

The offer comprised a fresh issuance of about Rs 472 crore and an offer for sale of roughly Rs 1,428 crore by early investors including Accel India, Elevation Capital and Bessemer. Anchor investors committed approximately Rs 854 crore ahead of the retail offer. Urban Company said it will use proceeds from the fresh shares for technology and cloud infrastructure, office lease payments, marketing and general corporate purposes.

Subscription figures rose sharply over the three days. Initial trading snapshots showed the issue undersubscribed in QIBs on day one but with retail and noninstitutional tranches filling quickly. Day two saw a large surge in retail and NII interest, and by the close of...