Latest News | Urban Company Files Draft Papers for Rs 1,900 Cr IPO

New Delhi, Apr 28 (PTI) Urban Company, which offers mobile app-based beauty and home care services, on Monday filed preliminary papers with capital markets regulator Sebi to raise Rs 1,900 crore through an initial public offering (IPO).

The company proposed to raise Rs 429 crore through selling new shares and existing investors plan to sell stakes worth Rs 1,471 crore, according to the Draft Red Herring Prospectus (DRHP).

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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 company proposes to use Rs 190 crore for new technology development and cloud infrastructure, Rs 70 crore for lease payments for its offices, Rs 80 crore towards marketing activities, and the balance towards general corporate purposes.

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Urban Company operates a technology-driven, full-stack online marketplace for quality-driven services and solutions across various home and beauty categories. It is present in 59 cities across India, United Arab Emirates, Singapore, and Kingdom of Saudi Arabia, of which 48 cities are in India, as of December 31, 2024.

Its platform enables consumers to order services, including cleaning, pest control, electrician, plumbing, carpentry, appliance servicing and repair, painting, skincare, hair grooming and massage therapy. These services are delivered by independent service professionals at the consumers' convenience.

Kotak Mahindra Capital Company, Morgan Stanley India Company, Goldman Sachs (India) Securities and JM Financial are the book-running lead managers to the issue.

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