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Mint
29-04-2025
- Business
- Mint
Upcoming IPO: Urban Company files DRHP with Sebi for ₹1,900 crore IPO
Urban Company, a provider of mobile app-based beauty and home care services, has filed draft papers with the capital markets regulator SEBI on Monday to raise ₹ 1,900 crore through an initial public offering (IPO). According to the Draft Red Herring Prospectus (DRHP), the company plans to raise ₹ 429 crore by issuing fresh shares, while existing investors intend to offload stakes worth ₹ 1,471 crore through an Offer for Sale (OFS). The investors participating in the OFS include Accel India, Elevation Capital, Bessemer India Capital Holdings II Ltd, Internet Fund V Pte. Ltd, and VYC11 Ltd. The company plans to allocate ₹ 190 crore for the development of new technology and cloud infrastructure, ₹ 70 crore towards lease payments for office spaces, ₹ 80 crore for marketing initiatives, and the remaining funds for general corporate purposes. Founders Abhiraj Singh Bhal, Varun Khaitan, and Raghav Chandra, who collectively own about 21% of the company, will not be selling any shares in the IPO. Kotak Mahindra Capital Company, Morgan Stanley India Company, Goldman Sachs (India) Securities, and JM Financial are the book-running lead managers for the offering. The company has reduced the total size of its IPO from the previously planned ₹ 3,000 crore. From the fresh capital it raises, Urban Company intends to allocate ₹ 190 crore for new technology development and cloud infrastructure, with the rest of the funds earmarked for office lease payments and marketing initiatives. Urban Company runs a technology-enabled, full-stack online marketplace offering high-quality home and beauty services. As of December 31, 2024, it operates in 59 cities across India, the United Arab Emirates, Singapore, and the Kingdom of Saudi Arabia, with 48 cities located in India. Its platform connects consumers with independent service professionals for a range of services including cleaning, pest control, electrical work, plumbing, carpentry, appliance repair and servicing, painting, skincare, hair grooming, and massage therapy, all at the customer's convenience.
Time of India
28-04-2025
- Business
- Time of India
Urban Company files draft papers for Rs 1,900 cr IPO
New Delhi: 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). 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. 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.
