Urban Company’s shares debuted on the market earlier today, with an impressive 74 per cent increase following the oversubscribed IPO last week.
The home services aggregator, formerly known as UrbanClap, rose from a final listing price of Rs 103 to hit a Wednesday morning high of Rs 179 on the NSE—gaining Rs 76 as soon as the markets opened!
Last Friday, the initial public offering of the app-based beauty and home services platform was subscribed by over 103.63 times on the last day of the bidding. Interestingly, the GMP (grey market premium) floated in the Rs 43-45 range then.
The public offering saw retail investors subscribe 39.25 times, Non-Institutional Investors (NIIs) subscribe 74.04 times, and Qualified Institutional Buyers (QIBs) bid 140.2 times.
Urban Company calls itself a technology-driven, full-stack online marketplace for services and solutions across various home and beauty categories. Apart from India, it has a presence in the UAE, Singapore, and the Kingdom of Saudi Arabia.
The company also rode the morning wave, which saw benchmark indices Sensex and Nifty rally following reports of favourable discussions between the US contingent here and India on the bilateral trade deal.
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“Just had a wonderful phone call with my friend, Prime Minister Narendra Modi. I wished him a very Happy Birthday! He is doing a tremendous job. Narendra: Thank you for your support in ending the War between Russia and Ukraine! President DJT”, US President Donald Trump posted on Truth Social earlier in the day.
The mention of Modi’s “support” added to the overall positivity. The morning session on Wednesday saw the BSE Sensex rally 340 points to 82,720.76, while the NSE Nifty climbed 103 points to 25,342.15.
Bharat Electronics, UltraTech Cement, Trent, Larsen & Toubro, TCS, HCL Tech, Infosys, and Tech Mahindra led the gainers in the 30-pack Sensex, while Adani Ports, Mahindra & Mahindra, Tata Steel and Eternal saw their stocks slump.
