- Urban Company is set to raise ₹528 crore through its IPO after shareholders approved the move.
- The company operates in over 60 cities in India and international markets such as Singapore, UAE, and Saudi Arabia.
Urban Company, a home-services marketplace, has received shareholder approval to raise up to ₹528 crore in fresh capital through an Initial Public Offering (IPO). This marks a significant step in the company’s long-awaited debut on the stock market.
The home-services platform had initially considered raising ₹3,000 crore but scaled back the target due to volatile market conditions and global trade concerns, opting for a more modest primary raise.
Kotak Mahindra Capital, Goldman Sachs, and Morgan Stanley are advising on the upcoming IPO. According to sources familiar with the deal, the company is expected to file a draft red-herring prospectus with the Securities and Exchange Board of India (SEBI) soon.
In a key development, Urban Company officially transitioned to a public limited company last month. The company’s name was changed from Urbancalp Technologies India Pvt. Ltd. to Urbanclap Technologies India Ltd., clearing the way for its IPO filing.
Urban Company’s Market Reach
Founded in Gurugram, Urban Company now operates in over 60 cities across India and in international markets such as Singapore, the UAE, and Saudi Arabia. The platform connects approximately 55,000 service professionals with customers booking services like cleaning, beauty, and repair work at home.
In the financial year ending March 2024, Urban Company reported an operating revenue of ₹827 crore, a 30% year-on-year increase. The net loss narrowed by 70%, coming in at ₹93 crore.
As part of the IPO, existing investors will also sell shares through the offer-for-sale component. The company plans to list its equity shares on one or more stock exchanges to provide shareholders with a formal marketplace for trading.
Edited by Harshajit Sarmah
