India’s Urban Company soars 58% above IPO price in year’s most subscribed offering

URBAN Company, the largest home services platform in India, stormed public markets on Wednesday, and opened 58 % for its price after providing the most subscribed public subscription in the country.

Gurugram, which connects users to home services ranging from cosmetics to devices repair, appeared for the first time on the National Stock Exchange in Mumbai at a price of $ 162.25 per share (about $ 1.84), up from the price of the public subscription version of $ 103. The offer, which opened last week, was more than 100 times, which means that investors have made requests more than 100 times more of the shares than available, indicating a strong demand from institutional investors and retail trade.

The general list of URBAN COMPANY was a partial exit opportunity for its first supporters, with ACCEL harvesting the largest gains, followed by Leapation Capital and Tiger Global. ACCEL, which invested at an average cost of $ 3.61 per share, sits on possible profits of about 45X, while the height, with an entry price of $ 5.39 per share, will achieve about 30x and Tiger Global looking for relatively modest gains, and is said about 1.3 times the basis for cost.

One of the main reasons behind the success of the Urban Companish company over the past decade is its ability to traditionally organize unorganized home services in India – including cleaning, plumbing, electrical work, massage and cosmetics. By numbering these offers through their application, the company created a platform upon request in a market that lacks the measurement. In this sense, Urban Companyy has a near monopoly, as it remained the largest organized player in this field.

Before the start of a year 217 million dollars, URBAN raised $ 97 million in anchor investors, including Goldman Sachs, Dragoneer investment Group, Norges Bank, GIC, Nomura Amundi Funds, SteadView Capital, Prosus, and Whiteoak. Local investment funds, including SBI MUTUAL FUND, ICici Prudential, Nippon and UTI, participated in the secondary round before reassuring.

It was founded in November 2014 as Urbanclap by AbHiraj Singh Bhal, Varun Khaitan and Raghav Chandra, URBAN operates in 59 cities in four countries, including India, the United Arab Emirates, Singapore and the Kingdom of Saudi Arabia – with India remaining its largest market so far. The company plans to enter more than 200 cities by the end of the 2030 fiscal year to expand its home services.

URBAN Company aims to take advantage of the net revenue mainly to develop technology and cloud infrastructure, as well as rental payments for office space and marketing initiatives.