The Securities and Exchange Board of India (SEBI) has approved Urban Company and Imagine Marketing, parent company of BoAt, to go ahead with their Initial Public Offerings (IPOs). It is a landmark achievement for both firms.
Urban Company, India’s most popular at-home services company, is looking to raise INR 1,900 crore in its IPO. The issue comprises a fresh issue of INR 429 crore and an offer-for-sale of INR 1,471 crore by current investors like Accel, Elevation Capital, and Tiger Global. Urban Company plans to step up the quality of services and venture into new categories with these funds. The Dutch investor Prosus estimates the company to be seeking a valuation of $2.4 billion.
Picture Marketing, which is famous across India for its boAt audio and wearables brand, has also received approval for its IPO from SEBI. The firm is looking for a valuation of around $1.5 billion and is going to mobilise INR 2000 crore. The issue consists of a fresh issue of INR 900 crore and an OFS of INR 1,100 crore by current stakeholders such as Warburg Pincus and Qualcomm Ventures.
These approvals demonstrate increasing investor confidence in India’s consumer technology space. Urban Company’s profitable year and boAt’s strong market position set both firms up for successful public listing.
