Tiger Global-backed Urban Company on Wednesday set a price band of Rs 98–103 a share for its listing, targeting a valuation of $1.7 billion at the top end, according to Reuters calculations based on pre-offer shares and the fresh issue size.
Urban Company, founded in 2014 as UrbanClap, has grown into India’s largest home and beauty services app, offering everything from facials to plumbing repairs.
It competes with Housejoy and Sulekha, but has scaled up by tapping rising demand for professional help via smartphone and lists over 48,000 active service professionals on its roster, according to its website.
“The company has its act together, it is profitable, and what also stands out beyond the tech is its expansion into tier two and three cities where aspirations run higher,” said Arun Kejriwal, founder of Kejriwal Research and Investment Services.
The listing will give partial exits to early backers, including Accel India, Elevation Capital and Tiger Global, while funding marketing and technology upgrades, according to its prospectus.
The IPO opens for bids on Sept. 10 for three days, with Urban Company aiming to raise Rs 4.72 billion through fresh shares.
While it has expanded to the UAE, Saudi Arabia and Singapore, India remains its core market, contributing about 90% of revenue, its prospectus showed.
When the company filed its draft papers in April, it sought to raise less than the Rs 5.28 billion its board had cleared, trimming ambitions amid market turbulence fueled by US President Donald Trump’s trade policies.
Reuters
