Urban Company IPO draws 2x bids on Day 1; Shringar House of Mangalsutra, Dev Accelerator also sail through

The initial public offering (IPO) of Urban Company witnessed strong investor demand on the first day of bidding, receiving nearly twice the number of bids against the shares on offer. The mainboard IPOs of Shringar House of Mangalsutra and Dev Accelerator were also fully subscribed on Day 1, reflecting upbeat market sentiment and investor confidence in homegrown companies.

All three IPOs have generated strong interest in the unlisted market, commanding grey market premiums (GMP) in the range of 15–35%, signalling the possibility of a robust listing on domestic bourses next week.

As per exchange data, Urban Company’s ₹1,900 crore IPO was fully subscribed within hours of its launch on Wednesday, led by strong demand from retail investors. By 1:45 p.m., the issue was booked 1.86 times, with bids placed for nearly 19.83 crore shares against the offer size of 10.67 crore shares.

The retail investor quota was subscribed 4.64 times, while the non-institutional investors (NII) portion was booked 2.10 times. The qualified institutional buyers (QIB) category received 0.83 times bidding, while employees subscribed to their reserved portion over 4 times.

The Gurugram-based home services marketplace has set a price band of ₹98–103 per share for its IPO, which comprises both a fresh issue and an offer for sale (OFS). The issue includes a fresh issue of 4.58 crore shares worth ₹472 crore and an OFS of 13.86 crore shares aggregating ₹1,428 crore by existing shareholders.

Shringar House of Mangalsutra IPO booked 1.15x

Shringar House of Mangalsutra’s public offer also sailed through on the first day of bidding, with the issue subscribed 1.15 times at the time of reporting. The IPO received bids for nearly 1.98 crore shares against the offer size of 1.70 crore shares. The retail quota was subscribed 1.75 times, while the NII portion was booked 1.38 times. However, the QIB segment saw a subdued response, with the reserved quota yet to be subscribed.

The company, engaged in the manufacturing and design of mangalsutras, aims to raise ₹400.95 crore through the IPO, which is entirely a fresh issue of 2.43 crore shares. The price band has been fixed at ₹155–165 per equity share with a face value of ₹10 each.

Dev Accelerator IPO subscribed 3.48 times

Meanwhile, Dev Accelerator’s IPO was subscribed 3.48 times, with all three investor segments fully subscribing within hours. The issue received bids for 4.62 crore shares against the offer size of 1.31 crore shares, according to BSE data.

Retail investors subscribed to their portion 12.48 times, while the NII category was booked 2.46 times. The QIB portion was subscribed 1.15 times, and the employees’ quota received 1.6 times bidding.

The flexible office space provider’s IPO is entirely a fresh issue of 2.35 crore shares, offered at a price band of ₹56–61 per share. Established in 2017, Dev Accelerator has expanded its presence to 28 centers across 11 cities in India, including major hubs such as Delhi-NCR, Hyderabad, Mumbai, and Pune.

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