Urban Company IPO: Price Band Set At Rs 98-103 Per Share—Details Here
Urban Company IPO: The company plans to raise Rs 472 crore through selling new shares and existing investors plan to sell stakes worth Rs 1,428 crore.
Urban Company's initial public offering will soon open for subscription on Sept 10. The company has set the IPO price band at Rs 98 to Rs 103. The IPO will conclude on Sept. 12. The mobile app-based beauty and home services platform is aiming to roll-out its Rs 1,900-crore initial public offering on Sept. 10.
The bidding for anchor investors will open for a day on Sept 9. The company plans to raise Rs 472 crore by selling new shares and existing investors plan to sell stakes worth Rs 1,428 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 Securities and Exchange Board of India approved the IPO plans for Urban Company on Sept 2, alongside 13 other companies. This included boAt's parent company, Imagine Marketing Ltd., and Juniper Green Energy 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. Kotak Mahindra Capital Company, Morgan Stanley India Company, Goldman Sachs (India) Securities and JM Financial are the book-running lead managers to the issue.
