New Delhi: Urban Company has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for a Rs 1,900 crore initial public offering (IPO).
The company plans to channel Rs 80 crore of the fresh capital into an aggressive marketing push to strengthen its brand and drive customer acquisition.
The IPO includes a fresh issue of shares worth Rs 429 crore and an offer for sale (OFS) of Rs 1,471 crore by early investors, including Accel India, Elevation Capital, Tiger Global, and Vy Capital.
The company intends to invest Rs 190 crore in developing new technology and cloud infrastructure, Rs 70 crore for office lease payments, Rs 80 crore for marketing activities, and will use the remaining amount for general corporate purposes.
Founders Abhiraj Singh Bhal, Varun Khaitan, and Raghav Chandra, who together hold around 21% stake in the company, will not divest any shares through the IPO.
Kotak Mahindra Capital Company, Morgan Stanley India Company, Goldman Sachs (India) Securities, and JM Financial are acting as the book-running lead managers for the issue.
The company has also trimmed the overall IPO size from the earlier planned Rs 3,000 crore.
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