Urban Company IPO kicks off with Goldman Sachs, GIC as anchor investors

Urban Company, a home services marketplace, has lined up marquee global and domestic funds as anchor investors ahead of its initial public offering (IPO). 

The Gurugram-based startup raised Rs 853.87 crore ($97 million) by allocating 82.9 million shares at Rs 103 apiece, the top of the price band, regulatory filings show. 

Global names including Goldman Sachs, Dragoneer Investments, Norges Bank, GIC, Nomura, Amundi Funds, Steadview Capital, and WhiteOak took part in the anchor book. About 37% of the allocation went to 13 Indian mutual funds across 29 schemes, among them SBI, HDFC, ICICI Prudential, Nippon, and UTI.

The Rs 1,900 crore ($229 million) IPO comprises a fresh issue of Rs 429 crore and an offer-for-sale of Rs 1,471 crore by early backers. Accel, Elevation Capital, and Bessemer Venture Partners stand to book multibagger returns—28.5x, 19.1x, and 14.4x, respectively—on their early bets.

For the year ended March 2025, Urban Company reported operating revenue of Rs 1,144 crore, up 38% from the previous year, and posted a profit before tax of Rs 28.5 crore. 

The IPO, priced between Rs 98 and Rs 103, will be open for subscription from September 10 to September 12 with a minimum bid size of 145 shares.

Investor appetite is also showing up in the unofficial market. Shares are quoting at a grey market premium of Rs 36.5, implying a listing price near Rs 139.5, about 35% above the issue price, according to data from investorgain.com.