Urban Company IPO subscribed 58.26 times so far on last day of bidding

New Delhi, Sep 12 (PTI) The initial public offer of app-based beauty and home services platform Urban Company Ltd received overwhelming investor participation, with the issue getting subscribed 58.26 times so far on the last day of bidding on Friday.

The Rs 1,900-crore IPO received bids for 6,22,05,66,990 shares against 10,67,73,244 shares on offer, according to NSE data till 14:36 hours.

The portion for non-institutional investors fetched 65.43 times subscription, while the category for Qualified Institutional Buyers (QIBs) got subscribed 62.99 times. Retail Individual Investors (RIIs) part received 33.76 times subscription.

Urban Company on Tuesday raised Rs 854 crore from anchor investors.

The company's Initial Public Offering (IPO) has a price band of Rs 98-103 per share.

At the upper end of the price band, the company's valuation is pegged at Rs 14,790 crore.

The Gurugram-based company plans to raise Rs 472 crore through selling new shares, and existing investors plan to sell stakes worth Rs 1,428 crore.

Those selling shares under the offer for sale (OFS) route are Accel India and Elevation Capital, Bessemer India Capital Holdings II Ltd, Internet Fund V Pte Ltd and VYC11 Ltd.

The company plans to use funds raised through the fresh issuance for new technology development and cloud infrastructure, lease payments for its offices, marketing activities, and general corporate purposes.

Urban Company operates a technology-driven, full-stack online marketplace for quality-driven services and solutions across various home and beauty categories. Apart from India, it has a presence in the United Arab Emirates, Singapore, and the Kingdom of Saudi Arabia.

Its platform enables consumers to easily order services, including cleaning, pest control, electrical work, plumbing, carpentry, appliance servicing and repair, painting, skincare, hair grooming, and massage therapy.

Kotak Mahindra Capital Company, Morgan Stanley India Company, Goldman Sachs (India) Securities and JM Financial are the book-running lead managers to the issue. PTI SUM SUM SHW