return to news
  1. Upstox
    /
  2. News
    /
  3. Market News
    /
  4. IPO
    /
  5. IPO Wrap, Sept 10: Urban Company, Dev Accelerator see high demand, Shringar House booked over 2x on day 1

Market News

IPO Wrap, Sept 10: Urban Company, Dev Accelerator see high demand, Shringar House booked over 2x on day 1

Ahana Chatterjee - image.jpg
By Ahana Chatterjee

4 min read | Updated on September 10, 2025, 19:22 IST

Twitter Page
Linkedin Page
Whatsapp Page

SUMMARY

The Urban Company (formerly UrbanClap) IPO was fully subscribed on its first day, receiving a strong response with a subscription of 3.13 times on Wednesday.

The NSE SME issue of Galaxy Medicare was booked 0.43% on the first day of bidding. | Image: Shutterstock

The NSE SME issue of Galaxy Medicare was booked 0.43% on the first day of bidding. | Image: Shutterstock

With three new mainboards and one SME initial public offering (IPO) opening for subscription on Wednesday, September 10, the primary market remained active.

The three mainboard IPOs that opened for subscription were Urban Company, Shringar House of Mangalsutra, and Dev Accelerator, while Galaxy Medicare and Taurian MPS were the two active SME issues.

Meanwhile, Urban Company’s IPO saw strong investor demand on its first day.

Here’s a look at the IPO market on Wednesday:

Urban Company

The Urban Company (formerly UrbanClap) IPO was fully subscribed on its first day, receiving a strong response with a subscription of 3.13 times on Wednesday. The Bengaluru-based firm had received 333,787,825 bids against 106,773,244 reserved shares.

The price band for the issue has been set at ₹98 to ₹103 per share.

• Qualified Institutional Buyers (QIBs): 1.31x

• Non-institutional Investors: 4.16x

• Retail Individual Investors (RIIs): 7x

It is a mix of fresh issuance of shares aggregating to ₹472 crore and an offer for sale (OFS) of ₹1,428 crore, taking the total issue size to ₹1,900 crore. The application-based beauty and home services platform's shares will be listed on the stock exchanges on September 17.

The tech-enabled company mobilised ₹854 crore in the anchor round from investors such as Government Pension Fund Global, Fidelity Funds, Nomura Funds Ireland Public Limited Company, Florida Retirement System, Theleme India Master Fund Ltd, Amundi Funds New Silk Road, Allspring Global Investments LLC (EMSC), Nippon India Mutual Fund (MF), ICICI Prudential MF, Aditya Birla Sun Life MF, SBI MF, ICICI Prudential Life Insurance Company and SBI Life Insurance Company.

Also read: Austere Systems IPO allotment: How to check status online on BSE, KFin Technologies; listing date here

Kotak Mahindra Capital Company, Goldman Sachs (India) Securities, JM Financial and Morgan Stanley India Company are book-running lead managers to the issue, while MUFG Intime India is the registrar.

Shringar House of Mangalsutra
Jewellery firm Shringar House of Mangalsutra Ltd's IPO was fully subscribed on its first day of bidding, with the issue being booked 2.01 times by the end of the day. The IPO had received 34,136,370 bids against 17,016,000 reserved shares.

• Qualified Institutional Buyers (QIBs): 0.01x

• Non-institutional Investors: 2.70x

• Retail Individual Investors (RIIs): 2.83x

The Mumbai-based company's initial share sale is exclusively a fresh issue of 2.43 crore equity shares valued at ₹400.95 crore with no offer for sale (OFS) component.

The funds generated are intended to be used for supporting working capital requirements and general corporate purposes.

Before the IPO, the company raised ₹120.18 crore from anchor investors, including Kotak Mahindra Life Insurance Company, Maybank Securities Pte Ltd—ODI, AIDOS India Fund Limited, Societe Generale—ODI, Founders Collective Fund, and Nav Capital VCC.

Dev Accelerator
Along with Urban Company and Shringar House of Mangalsutra, the initial share sale of Dev Accelerator Ltd had also hit the primary market on Wednesday. The IPO of the company was subscribed 5.33 times by the end of the first day. It had received 70,080,995 bids against 13,147,075 reserved shares.

• Qualified Institutional Buyers (QIBs): 1.16x

• Non-institutional Investors: 4.46x

• Retail Individual Investors (RIIs): 19.53x

The initial public offering, with a price band of ₹56 to ₹61 per share, will conclude on Friday, September 12.

The company's IPO is purely a fresh issue of 23,500,000 equity shares aggregating to ₹143 crore. The capital raised will be used for "fit-outs" in the new centres and their security deposits, corporate general purposes and debt repayment.

Also read: Upcoming IPOs: Prozeal Green Energy, Neilsoft get SEBI approval to raise funds via public offers

Before the IPO, Dev Accelerator garnered ₹63 crore from anchor investors, including Universal Sompo General Insurance Company Ltd, Abans Finance, Sunrise Investment Opportunities Fund, Finavenue Capital Trust, Chattisgrah Investments Ltd, SB Opportunities Fund II, Shine Star Build Cap, Meru Investment Fund PCC and Vbcube Ventures Fund.

SME IPOs:

Galaxy Medicare: The NSE SME issue of Galaxy Medicare was booked 0.43% on the first day of bidding. It had received 1,778,000 bids against 4,132,000 reserved shares.
Taurian MPS: The initial public offering of Taurian MPS was subscribed 88% by the end of the second day of bidding on Wednesday, with bids for 1,620,800 shares compared to 1,832,000 shares on offer, as per the NSE data.
To add Upstox News as your preferred source on Google, click here.
SIP
Consistency beats timing.
promotion image

About The Author

Ahana Chatterjee - image.jpg
Ahana Chatterjee is a business journalist with 7 years of experience across several leading news platforms. At Upstox, she covers stock markets and corporate news.