Urban Company IPO Day 2 Live: The initial public offering (IPO) of the app-based beauty and home services provider Urban Company Ltd was fully subscribed just hours after it began accepting bids on Wednesday, ultimately finishing the day with a subscription rate of 3.13 times.
Urban Company IPO GMP is ₹39. This indicates Urban Company share price were trading at a premium of ₹39 in the grey market today, according to investorgain.com.
Urban Company IPO, valued at ₹1,900 crore, is available for subscription until September 12, with a Urban Company IPO price band is set between ₹98 and ₹103 per share.
If priced at the upper limit, the company’s overall valuation would stand at ₹14,790 crore.
Based in Gurugram, the company aims to collect ₹472 crore by issuing new shares, while existing stakeholders will sell their stakes totaling ₹1,428 crore.
The shareholders participating in the offer for sale (OFS) include Accel India, Elevation Capital, Bessemer India Capital Holdings II Ltd, Internet Fund V Pte Ltd, and VYC11 Ltd.
The funds obtained from the new share issuance will be allocated toward advancing technology and cloud infrastructure, paying lease costs for its office spaces, conducting marketing efforts, and covering various corporate expenses.
The book-running lead managers for this issue are Kotak Mahindra Capital Company, Morgan Stanley India Company, Goldman Sachs (India) Securities, and JM Financial.
(Stay tuned for more updates)
