RS 1,900-CR IPO from Urban Company has subscribed 103.63 times

The first public offer of App-based beauty and home service platform Urban Company LTD received overwhelming investors participation, whereby the problem on the last day of bidding received a huge 103.63 times a subscription on Friday.

The IPO of RS 1,900-crore received bids for 11.06.46,96660 shares against 10.67.73.244 shares that are offered according to NSE data.

The category for qualified institutional buyers (QIBS) was subscribed 140.20 times. The part for non-institutional investors picked up 74.04 times, while the part of the Retail Individual Investors (RIIS) received a 39.25 time subscription.

Urban Company collected RS 854 Crore from Anker investors on Tuesday.

The initial public offer of the company (IPO) has a price band of RS 98-103 per share.

At the top of the price band, the rating of the company is linked to RS 14,790 Crore. The company plans to use funds that have been collected by the new issue for new technology development and cloud infrastructure, lease payments for its offices, marketing activities and general business purposes. Urban Company has a technology-driven, full-stack online marketplace for quality-controlled services and solutions in different categories at home and beauty. Apart from India, it is present in the United Arab Emirates, Singapore, and the Kingdom of Saudi Arabia.

Thanks to the platform, consumer services can easily order services, including cleaning, pest control, electric work, sanitary facilities, carpentry, device control and repair, painting, skin care, hair care and massage therapy.

Kotak Mahindra Capital Company, Morgan Stanley India Company, Goldman Sachs (India) Securities and JM Financial are the book runners of the issue.