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Urban Company IPO Gets 9.48x Subscription On Day 2: Should You Apply? Check GMP, Price, Review
Urban Company IPO Gets 9.48x Subscription On Day 2: Should You Apply? Check GMP, Price, Review
Urban Company IPO: Urban Company, the mobile app-based beauty and home services platform, witnessed a second day of its Rs 1,900-crore initial public offering (IPO) today, Thursday, September 11. The public issue, whose price band has been fixed in the range of Rs 98 to Rs 103 per share, will be closed on September 12. On the second day of bidding, the issue received a 9.48x subscription, garnering bids for 96,32,29,055 shares as against the 10,15,65,534 shares on offer.
The retail and NII participation stood at 18.67x and 19.15x, respectively. The QIB category was subscribed by 1.56x.
Urban Company IPO Key Dates
The IPO will remain open for public subscription between September 10 and September 12. Its allotment will take place on September 15, while its listing is scheduled to take place on September 17 on both the BSE and the NSE.
Urban Company IPO Price & Lot Size
The price band of the IPO has been fixed in the range of Rs 98 and Rs 103 per share. Its lot size has been fixed at 145 shares. It means that investors will have to apply for a minimum 145 shares and in multiple thereof.
Urban Company IPO GMP
According to market observers, unlisted shares of Urban Company Ltd are currently trading at Rs 142 against the upper IPO price of Rs 103. It means a grey market premium or GMP of Rs 39, which is nearly 37.86% over its IPO price, indicating a strong listing for the issue.
The GMP is based on market sentiments and keeps changing. ‘Grey market premium' indicates investors' readiness to pay more than the issue price.
Urban Company IPO: Should You Apply?
Brokerages are divided on Urban Company's upcoming IPO, with most recommending a subscription, though views vary on the time horizon and risk appetite.
Anand Rathi Shares & Stock Brokers has given a ‘subscribe for long-term' tag, citing strong network effects and a trusted brand. “It is valuing at P/E of 65.7 times to its FY25 earnings with P/S of 12.9 times and market cap of Rs 14,789.5 crore. We believe that the IPO is fully priced and recommend a ‘subscribe for long term' tag," it said.
BP Equities and Sushil Finance are also positive, both giving a straight ‘subscribe' rating. BP Equities said the company's leadership, improving financials, and long growth runway make the IPO attractive for medium to long-term investors, while Sushil Finance called it an opportunity to participate in India's dynamic gig economy.
ICICIDirect has taken a cautious stance with a ‘neutral' rating, noting that while Urban Company is a unique player in the home services space, the IPO valuation of 11.4 times FY25 EV/Sales is “largely in line with other new age platform companies." It said optimum use of its employee strength would aid operating leverage and long-term profitability.
Lakshmishree Investment & Securities was more cautious, recommending ‘subscribe with risk'. It said the valuation assumes continued high growth and margin expansion, leaving little room for a near-term re-rating. “Risk-tolerant investors seeking exposure to the rapidly growing home services sector [should] subscribe… but only with a long-term period," it advised.
KR Choksey Finserv, on the other hand, has given a clear ‘subscribe' call, highlighting that the company has serviced 14.6 million customers to date, with annual transacting users growing at a 17.3% CAGR. “We believe the company is well-positioned to capitalize on the growth driven by expanding consumer segments and shifting preferences towards higher spends on experiences," it said.
Canara Bank Securities echoed this optimism with a ‘subscribe' rating, pointing to Urban Company's transformation into a profitable, cash-flow positive enterprise. “Its growth strategy is anchored in its India Consumer Services segment, with prudent international expansion and product diversification enhancing long-term potential," it noted.
Ventura Securities also backed the issue with a ‘subscribe (risk)' view, noting that Urban Company has turned profitable with a Q1FY26 profit of Rs 6.94 crore. “Its ability to innovate products and services… further strengthens its competitive positioning. However, these strengths are accompanied by notable risks," it cautioned.
SBI Securities has recommended subscribing with a long-term view, citing strong revenue and NTV growth. “Profitability is on an improving trend and is expected to breakeven at the EBITDA level in FY26E," it said.
Urban Company IPO: More Details
Gurugram-based Urban Company plans to raise Rs 472 crore through selling new shares, and existing investors plan to sell stakes worth Rs 1,428 crore.
A day before its initial share-sale opening for public subscription, Urban Company on Tuesday raised Rs 854 crore from anchor investors.
At the upper end of the price band, the company's valuation is pegged at Rs 14,790 crore.
Those selling shares under the Offer For Sale (OFS) route are — Accel India and Elevation Capital, Bessemer India Capital Holdings II Ltd, Internet Fund V Pte. Ltd and VYC11 Ltd.
The company plans to use funds raised through the fresh issuance for new technology development and cloud infrastructure, lease payments for its offices, marketing activities, and general corporate purposes.
Urban Company operates a technology-driven, full-stack online marketplace for quality-driven services and solutions across various home and beauty categories. Apart from India, it has a presence in the United Arab Emirates, Singapore, and the Kingdom of Saudi Arabia.
Its platform enables consumers to easily order services, including cleaning, pest control, electrician, plumbing, carpentry, appliance servicing and repair, painting, skincare, hair grooming and massage therapy.
These services are delivered by trained and independent service professionals at the consumers' convenience.
The company said that 75 per cent of the issue size has been reserved for qualified institutional buyers, 15 per cent for non-institutional investors and the remaining 10 per cent for retail investors.
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Further, investors can bid for one lot of 145 shares and then in multiples of 145 thereafter.
Kotak Mahindra Capital Company, Morgan Stanley India Company, Goldman Sachs (India) Securities and JM Financial are the book-running lead managers to the issue. Urban Company is expected to make its stock market debut on September 17.
Source: News18
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