Urban Company share price rises over 4% on day 2 of listing, up nearly 69% from the IPO issue price

The stock rose as much as 4.29% to ₹174, which is 68.93% higher than the issue price of ₹103 per share.

At 1:10 pm, it was trading at ₹168.33, up 0.9%. The company's market valuation stands at ₹24,171.97 crore.

The Urban Company IPO had received an overwhelming investor response, with the issue getting a whopping 103.63 times subscription during the three-day bidding period.

The portion set aside for qualified institutional buyers secured a 140.20 times subscription, while the non-institutional investors' part was booked 74.04 times. The category reserved for retail investors was subscribed 39.25 times.

The ₹1,900-crore initial share sale, which was a mix of fresh issue and offer for sale component, had a price band of ₹98-₹103 per share.

The money raised will be used for new technology development and cloud infrastructure, lease payments for its offices, marketing activities, and general corporate purposes.

Those who offloaded their stake under the OFS route include Elevation Capital V Ltd, Internet Fund V Pte Ltd, Accel India IV (Mauritius) Ltd, Bessemer India Capital Holdings II Ltd, and VYC11 Ltd.

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

Urban Company runs a technology-driven, full-stack online marketplace for quality-driven services and solutions across several home and beauty categories. Apart from domestic markets, it has a presence in the United Arab Emirates (UAE), Singapore, and the Kingdom of Saudi Arabia.

It allows customers to easily order services, including pest control, cleaning, electrical work, plumbing, carpentry, pest control, appliance servicing and repair, skincare, hair grooming, painting, and massage therapy.