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Urban Company IPO: The initial public offering of Urban Company is set to close for subscription on Friday after attracting strong interest from investors over the first two days.
By the end of 11 September, the home-services platform had received bids for 96.14 crore shares against 10.68 crore shares on offer, translating into an oversubscription of around nine times, according to exchange data.
Non-institutional investors led the charge, oversubscribing their quota 18.22 times, followed by retail investors at 17.68 times. Qualified institutional buyers have also oversubscribed their reserved portion, albeit at a more modest 1.48 times.
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The Rs 1,900-crore issue comprises a fresh sale of 45.8 million equity shares worth Rs 472 crore and an offer for sale of up to 138.6 million shares aggregating Rs 1,428 crore.
Priced in a band of Rs 98–103 per share, the IPO requires a minimum bid of one lot of 145 shares, or Rs 14,935 at the top end, and a maximum bid of 13 lots (1,885 shares), amounting to Rs 1.94 lakh.
The basis of allotment is expected to be finalised on 15 September, with shares likely to be credited to successful bidders on 16 September. Urban Company is seeking to raise funds to expand operations, invest in technology and infrastructure, and cover lease and marketing costs.
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