New Delhi: Urban Company, the mobile app-based beauty and home services platform, is set to roll out its Rs 1,900-crore initial public offering (IPO) on September 10.
The company's public offer will conclude on September 12 and the bidding for anchor investors will open for a day on September 9, according to the red herring prospectus (RHP) filed on Tuesday.The company plans to raise Rs 472 crore through selling new shares and existing investors plan to sell stakes worth Rs 1,428 crore, it showed.
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.Earlier in the day, an update on Sebi's website showed that the company had received the markets regulator's approval to launch its maiden public issue.
The company plans to use funds raised through the fresh issuance for new technology development and cloud infrastructure, lease payments for its offices, marketing activities, and general corporate purposes.Urban Company operates a technology-driven, full-stack online market place for quality driven services and solutions across various home and beauty categories.
Apart from India, it has presence in United Arab Emirates, Singapore, and Kingdom of Saudi Arabia.Its platform enables consumers to easily 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 trained and 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.
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