Urban Co. will begin trading in Mumbai on Wednesday after wrapping up India’s most oversubscribed major initial public offering this year.

The rent-a-service firm could be poised for a strong start as its shares on the gray market were trading more than 60% above the high end of the price marketed during the IPO.

IPO bids exceed 100 times on offer

Investors flocked to the stock during the $215 million IPO, bidding more than 100 times the number of shares on sale, making it the most sought-after new listing of 2025 in India among deals of $100 million or above, according to data compiled by Bloomberg.

Urban’s IPO has raised optimism its success will rub off on other Indian startups. A slew of companies — from eyewear retailer Lenskart Solutions Ltd. to e-commerce retailer Meesho Ltd. and Walmart Inc.-backed PhonePe are preparing to list their shares.

Urban’s offering saw strong participation from both institutional and retail investors. The deal included the sale of new and existing shares.

On-demand services fuel Urban’s growth story

Thanks to India’s abundance of cheap labour, Urban allows users to book many types of service professionals — from hair dressers to fumigators and plumbers — at competitive prices and fast. Its most used service is hiring people in beauty — including waxing, manicures and haircuts — followed by cleaning, according to a preliminary prospectus.

Investor demand for the firm’s shares reflect growing interest for companies benefiting from the country’s millions strong middle-class that seeks on-demand services. Urban is also seen benefiting from India’s move to cut taxes on everyday items as the South Asian nation looks to cushion the economy from US President Donald Trump’s 50% tariffs.

The estimated total addressable market for Urban’s home services stood at $59 billion last year and is projected to almost double by 2029, according to Urban’s IPO document.

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Published on September 17, 2025