Urban Company, nota anche come Urbetech, prevede di lanciare un'offerta pubblica iniziale (IPO) del valore di INR 1.900 crore il 10 settembre.
Urban Company Presents IPO Worth INR 1,900 Crore
In a significant move, Urban Company, an international franchise of the brand name 'Urban Company', based in Gurugram, India, has filed for an initial public offering (IPO) worth INR 1,900 crore. This announcement comes after the Securities and Exchange Board of India (SEBI) cleared 13 IPOs, boosting the market pipeline for the second half of the year.
The IPO, which will open for subscription on September 10 and close on September 12, comprises a fresh share sale of INR 472 crore and an offer for sale of INR 1,428 crore by existing investors. Notably, alongside Tiger Global-backed Urban Company, other cleared IPOs include Imagine Marketing, Allchem Lifescience, Pace Digitek, Jain Resource Recycling, Om Freight Forwarders, Corona Remedies, Priority Jewels, Mouri Tech, Ravi Infrabuild Projects, KSH International, Omnitech Engineering, and Juniper Green Energy.
Urban Company Ltd, founded in 2014 as 'UrbanClap' by Abhiraj Singh Bhal, Raghav Chandra, and Varun Khaitan, reported its first annual profit in FY25. In FY25, the company posted a net profit of INR 135 crore, compared to a loss of INR 178.8 crore in FY24 and INR 496.7 crore in FY23. Additionally, the company reported positive operating cash flows of INR 212.6 crore in FY25.
The prospectus notes pending tax disputes over GST classification and labor-related cases involving service professionals seeking employee recognition. Any regulatory shift on gig workers may increase the company's liabilities.
The net worth of Urban Company stood at INR 855.9 crore with borrowings below INR 60 crore in FY25. Revenue for Urban Company Ltd increased from INR 656.6 crore in FY23 to INR 1,373.5 crore in FY25.
The investors in Urban Company include Accel, Bessemer Venture Partners, Elevation Capital, Tiger Global, and Vy Capital. Funds from the fresh issue are planned for technology investments, marketing, working capital, and corporate needs.
Shares of Urban Company Ltd will be listed on both the BSE and NSE after the IPO. This move is expected to provide a significant boost to the Indian startup ecosystem, particularly in the tech and services sector.
The SEBI approved a total capital of approximately INR 22,000 crore through around 40 IPOs in the first half of 2023. With the approval of Urban Company's IPO, the market pipeline for the second half of the year looks promising.
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