India’s city company rises 58% above the IPO price in the most abolished offer of the year

The Urban Company, the largest home service platform in India, came in public markets on Wednesday, opening 58% above the price of its issue after delivering the most abounded IPO for the year in the country.

Gurugram -based startup, which connects users with home services ranging from beauty, to repair of appliances, debut on the National Stock Exchange based in Mumbai, at ₹ 162.25 per share (approximately $ 1.84), compared to the price of the IPo IP, which was open. They placed orders for 100 times more shares than they were available, signaling stable demand from both institutional and retail investors.

Urban Company’s public list also serves as a partial opportunity to go out for its early supporters, with Accel attracting the largest profits, followed by Elevation Capital and Tiger Global. Accel, which invests with an average price of 3.61 per share, is located in potential profits of nearly 45 times, while the increase, with an entry price of 5.39 5.39 per share, is about 30x, and Tiger Global looks at relatively modest profits, according to reports about 1.3 times more than experts.

One of the main reasons for the success of the city company in the last decade is its ability to organize traditionally unorganized household services in India – including cleaning, water supply, electrical works, massage and beauty. By digitizing these proposals through its application, the company created a platform upon request in a market that lacks standardization. In this sense, Urban Company enjoys almost a monopoly, the largest organized player in this space remains.

Prior to the public offering of $ 217 million, the Urban Company raised $ 97 million from anchor investors, including Goldman Sachs, Dragoneer Investment Group, Norges Bank, GIC, Nomura Amundi Funds, Steadview Capital, Prosus, Prosus, Prosus, Prosus, Prosus, Prosus Capital, Prosus Capital, Prosus, Prosus Capital, Prosus and Internal mutual funds, including SBI Mutual Fund, Icici Prudential, Nippon and UTI, also participated in the secondary circle before IPO.

Founded in November 2014 as Urbanclap by Abhiraj Singh Bhal, Varun Khaitan and Raghav Chandra, Urban Company operates in 59 cities in four countries, including India, the UAE, Singapore and Saudi Arabia – as India remains the largest. The company plans to enter more than 200 cities by the end of the fiscal 2030 to expand the scope of its household services.

Urban Company aims to use net revenue mainly for the development of technology and cloud infrastructure, along with leasing payments to office spaces and marketing initiatives.