Urban Company shares make strong market debut; jump over 57% over issue price

New Delhi: Shares of app-based beauty and home services platform Urban Company Ltd on Wednesday listed with a premium of 57.52 per cent over the issue price of Rs 103.

The company's stock started trading at Rs 161, a jump of 56.31 per cent from the issue price on the BSE. Later, it zoomed 73.78 per cent to Rs 179.

At the NSE, the stock was listed with a premium of 57.52 per cent at Rs 162.25.

The company's market valuation stood at Rs 24,216.49 crore.

The initial public offer of Urban Company Ltd received overwhelming investor participation, with the issue getting a huge 103.63 times subscription on the final day of bidding on Friday last week.

The Rs 1,900-crore IPO had a price band of Rs 98-103 per share.

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.