Urban Company IPO day 2: Issue booked over 9 times; check category-wise subscription and key details

Urban Company IPO day 2: Home and beauty services provider Urban Company Ltd's initial public offering has received a good response from investors, with the issue being subscribed 9 times on Thursday, September 11.

The IPO secured bids for 96,141,0320 shares against 10,67,73,244 shares on offer, leading to 6.20 times subscription, according to the NSE data until 5 pm.

The category for retail individual investors (RIIs) was subscribed 17.68 times. They applied for 34,22,46,110 shares against 1,93,62,244 shares on offer.

The non-institutional investors' part secured 18.22 times subscription, with bids for 52,91,47,485 shares as compared to 2,90,43,367 shares reserved.

Qualified institutional buyers' (QIBs) portion fetched 1.48 times subscription, with applications for 8,62,37,880 shares as against 5,80,86,735 shares on offer.

Urban Company IPO is aiming to raise ₹1,900 crore by offering new shares worth ₹472 crore and an offer for sale (OFS) of ₹1,428 crore.

Those offloading shares under the OFS route are Bessemer India Capital Holdings II Ltd, Internet Fund V Pte Ltd, Accel India and Elevation Capital, and VYC11 Ltd.

The issue's objectives are

• Expenditure for new technology development and cloud infrastructure
• Expenditure for marketing activities
• Expenditure for lease payments for its offices
• General corporate purposes

Urban Company IPO allotment and listing dates

The basis of allotment of Urban Company is expected to be finalised on September 15, while the listing on stock exchanges would occur on September 17.

Urban Company connects users to professionals offering services like cleaning, AC repair, plumbing, salon, beauty and more at the comfort of their phones. Apart from operating in the domestic markets, it has a presence in the Kingdom of Saudi Arabia, Singapore and the United Arab Emirates.

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

Urban Company IPO GMP

According to investorgain.com and media reports, Urban Company's unlisted shares are trading at ₹144 per share, reflecting a grey market premium, or GMP, of 39.81% over the upper price band of ₹103.