Urban Company IPO subscribed 104 times, India’s most bid issue of 2025

BENGALURU: Urban Company’s initial public offering closed with record-breaking demand, subscribed 103.6 times overall, making it India’s most subscribed IPO of 2025 among the largest issues so far. The offer drew bids for 1,106.5 crore shares against the 10.67 crore shares on offer.

The biggest push came from institutions. The qualified institutional buyers (QIB) portion was subscribed 140.2 times, led by both foreign and domestic funds. Foreign institutional investors applied for 264.9 crore shares, while domestic financial institutions and insurers bid for 319.7 crore shares. Mutual funds accounted for 56.7 crore shares, with another 173.1 crore shares from other institutions.

The non-institutional investor (NII) segment followed with 74 times subscription, including 82.5 times in bids above Rs 10 lakh and 57 times in the Rs 2-10 lakh band.

The retail individual investor (RII) category was subscribed 39.3 times, receiving bids for nearly 76 crore shares. The employee portion closed at 36.8 times.

Urban Company’s performance surpasses other large IPOs this year. Aditya Infotech was the next most subscribed issue at 101 times, followed by Anthem Biosciences (64 times), Crizac (60 times), and Vikram Solar (55 times).

The IPO, priced between Rs 98 and Rs 103 per share, comprised a fresh issue of 4.7 crore shares and an offer for sale of 14.3 crore shares.

TOI had reported in August that Elevation Capital, which wrote the first seed cheque for Urban Company a decade ago, was planning to participate in the upcoming IPO of the company as a buyer, through its newly created $400-million late-stage vehicle Elevation Holdings. It is uncommon for a seed-stage venture firm to re-enter the cap table of the same company at IPO.

The Gurugram-based company operates as an online full-stack home and beauty services platform, delivering offerings such as cleaning, pest control, appliance repair, handyman work, painting, skincare, hair grooming and massage therapy through trained independent professionals. It has also expanded into home solutions with its ‘Native’ branded products, including water purifiers and electronic door locks, and recently piloted an InstaHelp on-demand home-help service in select markets.