The initial public offering (IPO) of at-home services platform Urban Company closed on a strong note Friday, with bids coming in at 103.6 times the shares on offer, driven largely by qualified institutional buyers (QIBs) and non-institutional investors.

According to BSE data, the issue received bids for 11,064 million shares against the 107 million on offer. The QIB category was subscribed 140.2 times, with 8,144 million shares bid for against 58 million reserved. Non-institutional investors subscribed nearly 74 times, retail investors 39.2 times, and employees 36.7 times.

The Rs 1,900-crore IPO opened on September 10 with a price band of Rs 98–103 per share. At the upper end, the issue values the Gurugram-based firm at around Rs 15,000 crore ($1.7 billion). It includes a fresh issue of Rs 472 crore and an offer for sale of Rs 1,428 crore by investors such as Accel, Elevation Capital, Tiger Global, Vy Capital, and Bessemer Venture Partners.

Ahead of the IPO, Urban Company raised Rs 854 crore from anchor investors, including Singapore’s GIC, Fidelity, and Norges Bank. It also executed a Rs 500-crore secondary sale, with SBI Mutual Fund and Permira buying shares at Rs 103 apiece from Tiger Global and Accel, while Prosus and Elevation Capital topped up their stakes.

Founded in 2014, Urban Company operates across two segments—beauty and wellness (salon, spa, laser hair reduction) and home repairs and maintenance (plumbing, electrical, carpentry, cleaning, pest control, appliances, painting).

The company reported 38% growth in operating revenue to Rs 1,144 crore in FY25 and swung to a net profit of Rs 240 crore, compared with a Rs 93-crore loss in FY24.

Urban Company shares are set to list on the bourses on September 17.