India’s Urban Company soars 58% above IPO price in year’s most subscribed offering

Urban Company, an Indian home services platform, had a successful IPO that saw its shares soar 58% above the offering price on the first day of trading. The IPO was the most subscribed offering in India this year, with over 100 times more demand than the shares available. The company, which provides services like home cleaning, repair, and beauty treatments, has seen significant growth during the pandemic as more people opted for home services. Urban Company's IPO raised around $255 million, which the company plans to use for expansion, technological improvements, and brand building. The strong investor interest in the IPO reflects the growing demand for home services in India's urban centers and the potential for companies like Urban Company to capitalize on this trend. The company's successful debut on the stock exchange also highlights the increasing appetite for tech-enabled service providers in the Indian market.