Urban Company IPO: Home Services Platform Gets Shareholders' Approval For Rs 528 Crore Fresh Issue
The fund utilisation plan for the IPO proceeds will be disclosed in the offer documents, Urban Company said.
Home services provider Urban Company received shareholders' approval for its initial public offering through a fresh issue and stake sale by existing investors, the company said.
The Elevation-, Accel- and Prosus-backed technology platform will be looking to raise Rs 528 crore from a primary issuance of shares. In addition, Urban Company said that it may undertake a private placement of shares to select investors.
"In the event of a pre-IPO placement, the size of the offer would be reduced to the extent of equity shares issued under the pre-IPO placement," the company said.
The company has not finalised any plans yet on how it will use the funds from a market debut. The fund utilisation plan will be disclosed in the offer documents, it said.
From a financial standpoint, the Delhi-based company saw its topline grow 30% on a year-on-year basis to Rs 827 crore in fiscal 2024. Its loss before tax also narrowed to Rs 93 crore from fiscal 2023's loss of Rs 312 crore.
Last month, Urban Company announced the launch of its Insta Help service, which marked its foray into the quick commerce space. The service was launched across select locations in Mumbai.
In July last year, venture capital Dharana acquired Urban Company stock worth Rs 400 crore from employees and other shareholders, making it the largest ESOP liquidity in Urban Company's history back then.
