Urban Company Attracts Major Investors Ahead of IPO Launch

Urban Company has raised Rs 854 crore from anchor investors, preparing for its upcoming IPO aimed at generating Rs 1,900 crore. The funds are earmarked for new technology development, cloud infrastructure, and more. The platform offers various services, with a significant presence in India, UAE, Singapore, and Saudi Arabia.

Urban Company, a prominent app-based beauty and home services platform, secured Rs 854 crore from anchor investors just as it launches its initial public offering (IPO). This significant investment precedes the IPO's opening for public subscription.

A range of esteemed domestic and foreign institutions, such as Government Pension Fund Global and Nomura Funds Ireland, have participated in the anchor round. The company, headquartered in Gurugram, plans to allocate the raised funds towards developing new technologies, enhancing cloud infrastructure, and bolstering marketing activities.

Urban Company's IPO, valued at Rs 1,900 crore, will open for subscriptions between September 10-12, with the price band set at Rs 98 to Rs 103 per share. Seventy-five percent of the IPO is reserved for qualified institutional buyers. The company's stock market debut is anticipated for September 17.

(With inputs from agencies.)