Urban Company's IPO Soars with Record-breaking Subscriptions

Urban Company's initial public offering achieved significant success with subscriptions 58.26 times the available shares. The IPO aims to raise Rs 1,900 crore, supported by investors such as Accel India and Elevation Capital. Proceeds will fund technology development, marketing, and expansion initiatives.

On the final day of Urban Company's IPO bidding, investor interest reached an unprecedented level, with the offering getting subscribed 58.26 times. The Rs 1,900-crore inaugural public offer indicated strong market confidence in the app-based beauty and home services platform.

According to National Stock Exchange data, the company witnessed massive demand, with 6,22,05,66,990 shares bid against the 10,67,73,244 shares available. Categories for non-institutional and qualified institutional buyers recorded subscriptions of 65.43 and 62.99 times, respectively.

Raised funds will support Urban Company's expansion in technological capabilities and marketing strategies. The company targets enhanced market presence through diversified services, reaching regions including India, the United Arab Emirates, Singapore, and Saudi Arabia.

(With inputs from agencies.)