Urban Company IPO Day One — Check Subscription, GMP, Other Key Details

Urban Company Ltd.'s initial public offering opened for subscription on Wednesday. The portion for retail investors was fully booked within an hour of launch.

The total offer is worth Rs 1,900 crore and comprises a fresh issue of 4.58 crore shares amounting to Rs 472 crore and an offer-for-sale (OFS) of 13.86 crore shares worth Rs 1,428 crore. The price band is set between Rs 98 and Rs 103 per share. 

The IPO will close on Sept. 12. The allotment of shares is proposed to be finalised on Sept. 15. The company will transfer shares to the demat accounts of successful bidders on Sept. 16 and refunds for non-allottees will be done on the same day. 

Urban Company will list on the stock market on Sept. 17.

Kotak Mahindra Capital Company Ltd., Morgan Stanley India Company Private Ltd, Goldman Sachs (India) Securities Private Ltd, and JM Financial Ltd. are the book running lead manager and MUFG Intime India Ltd. is the registrar of the issue.

• Open date: Sep. 10

• Close date: Sep.12

• Allotment date: Sept. 15

• Listing date: Sept 17

• IPO size: Rs 1,900 crore

• Fresh issue: 4.58 crore shares

• OFS: 13.86 crore shares

• Minimum bid: Lot size of 145 shares

Urban Company runs an online marketplace that provides various home and beauty services. Using the platform, consumers can book services such as plumbing and beauty treatment.

The company's business model is built around gig workers, barbers, electricians, beauticians, and technicians, largely unskilled or semi-skilled labour.

Urban Company IPO was subscribed 1.10 times as of 12:18 p.m on Wednesday.

• Qualified Institutions: 0.20 times

• Non-Institutional Buyers: 1.14 times

• Retail Investors: 100%

The grey market premium of Urban Comoany was at Rs 36.5 as of 10:38 a.m. on InvestorGain. The GMP price indicated 35.44% listing gain as indicated by the implied listing price of Rs 139.5.