Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/urban-company" target="_blank" data-smartkarma-citation="entities:33475:1" rel="noopener">Urban Company</a> (UC) raised around US$220m in its heavily subscribed India IPO.</li>
<li>UCL is a tech-enabled platform offering home and beauty services delivered by trained professionals at customer’s location.</li>
<li>We have looked at the past performance in our previous note. In this note, we talk about the trading dynamics.</li>
</ul>



Urban Company (UC) raised around US$220m in its heavily subscribed India IPO.
UCL is a tech-enabled platform offering home and beauty services delivered by trained professionals at customer’s location.
We have looked at the past performance in our previous note. In this note, we talk about the trading dynamics.


Urban Company IPO Trading - Highest Demand so Far This Year

Global Materials | Industrials | Commodities

Rahul Jain

Equity Bottom-Up

<ul>
<li>Urban Company is India’s largest organized online home-services platform, with ~60% of revenues from Beauty &amp; Wellness and dominant market share across categories.</li>
<li>IPO proceeds (~₹4,720 mn fresh issue) will be used to strengthen technology, expand professional training, enhance branding, and fund working capital.</li>
<li>The platform connects customers with vetted professionals for beauty, cleaning, repairs, and home improvement, differentiated by its supply-controlled model (training, kits, quality standards).</li>
</ul>


Urban Company is India’s largest organized online home-services platform, with ~60% of revenues from Beauty &amp; Wellness and dominant market share across categories.
IPO proceeds (~₹4,720 mn fresh issue) will be used to strengthen technology, expand professional training, enhance branding, and fund working capital.
The platform connects customers with vetted professionals for beauty, cleaning, repairs, and home improvement, differentiated by its supply-controlled model (training, kits, quality standards).


Urban Company IPO – Beauty-Led Platform With Structural Growth Tailwinds

<ul>
<li>
<a href="https://www.smartkarma.com/entities/urban-company" target="_blank" data-smartkarma-citation="entities:33475:1" rel="noopener">Urban Company (UCL IN)</a> is looking to raise about US$220m in its upcoming India IPO.</li>
<li>UCL is a tech-enabled platform offering home and beauty services delivered by trained professionals at customer’s location.</li>
<li>We have looked at the past performance in our previous note. In this note, we talk about the IPO pricing.</li>
</ul>



Urban Company (UCL IN) is looking to raise about US$220m in its upcoming India IPO.
UCL is a tech-enabled platform offering home and beauty services delivered by trained professionals at customer’s location.
We have looked at the past performance in our previous note. In this note, we talk about the IPO pricing.


Urban Company IPO - Thoughts on Valuations - Not a Whole Lot of Upside

<ul>
<li>
<a href="https://www.smartkarma.com/entities/urban-company" target="_blank" data-smartkarma-citation="entities:33475:1" rel="noopener">Urban Company</a>(UC) is looking to raise about US$220m in its upcoming India IPO. </li>
<li>UCL is a tech-enabled platform offering home and beauty services delivered by trained professionals at customer’s location.</li>
<li>In this note, we look at the company’s past performance.</li>
</ul>



Urban Company(UC) is looking to raise about US$220m in its upcoming India IPO. 
UCL is a tech-enabled platform offering home and beauty services delivered by trained professionals at customer’s location.
In this note, we look at the company’s past performance.


Urban Company IPO - Hyperlocal SME Services Increases Disintermediation Risk

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

Max Healthcare Institute / Index Rebalance

<ul>
<li>The semiannual index rebal events of the NIFTY 50 index and NIFTY 100 index will take place in September 2025. The index changes were announced on Friday 22nd August 2025.</li>
<li>There will be two changes for NIFTY 50 index and five changes to NIFTY 100.</li>
<li>In this insight, we take a look at our final flow expectations.</li>
</ul>


The semiannual index rebal events of the NIFTY 50 index and NIFTY 100 index will take place in September 2025. The index changes were announced on Friday 22nd August 2025.
There will be two changes for NIFTY 50 index and five changes to NIFTY 100.
In this insight, we take a look at our final flow expectations.


Quiddity NIFTY Sep25 Results: 13/14 Predictions Correct; Only One Surprise; ~US$1.2bn One-Way

India

Swiggy is an Indian online food ordering and delivery company. It also operates quick-commerce services under Instamart for grocery and household items, and offers restaurant reservation services through Dineout. The company is headquartered in Bengaluru, India, and was founded in 2013.

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Swiggy (SWIGGY IN)

Urban Company IPO Trading - Highest Demand so Far This Year

Urban Company (UC) raised around US$220m in its heavily subscribed India IPO. In this note, we talk about the trading updates.

Sumeet Singh

Urban Company IPO – Beauty-Led Platform With Structural Growth Tailwinds

Urban Company, India's leading online home-services platform, plans to use IPO proceeds to enhance technology, training, branding, and working...

Rahul Jain

Urban Company IPO - Thoughts on Valuations - Not a Whole Lot of Upside

Urban Company (UCL IN) is looking to raise about US$220m in its upcoming India IPO. In this note, we talk about valuations.

Sumeet Singh

Urban Company IPO - Hyperlocal SME Services Increases Disintermediation Risk

Urban Company(UC) is looking to raise about US$220m in its upcoming India IPO. In this note, we look at the company's past performance.

Sumeet Singh

Quiddity NIFTY Sep25 Results: 13/14 Predictions Correct; Only One Surprise; ~US$1.2bn One-Way

13/14 of our expected ADDs/DELs were correct. The only surprise was the deletion of Swiggy from NIFTY 100 instead of Life Insurance Corp of India....

Janaghan Jeyakumar, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Urban Company IPO Trading - Highest Demand so Far This Year

Urban Company (UC) raised around US$220m in its heavily subscribed India IPO. In this note, we talk about the trading updates.

Sumeet Singh

Urban Company IPO – Beauty-Led Platform With Structural Growth Tailwinds

​Urban Company, India's leading online home-services platform, plans to use IPO proceeds to enhance technology, training, branding, and working...

Rahul Jain

Urban Company IPO - Thoughts on Valuations - Not a Whole Lot of Upside

Urban Company (UCL IN) is looking to raise about US$220m in its upcoming India IPO. In this note, we talk about valuations.

Sumeet Singh

Urban Company IPO - Hyperlocal SME Services Increases Disintermediation Risk

Urban Company(UC) is looking to raise about US$220m in its upcoming India IPO. In this note, we look at the company's past performance.

Sumeet Singh

Quiddity NIFTY Sep25 Results: 13/14 Predictions Correct; Only One Surprise; ~US$1.2bn One-Way

13/14 of our expected ADDs/DELs were correct. The only surprise was the deletion of Swiggy from NIFTY 100 instead of Life Insurance Corp of India....

Janaghan Jeyakumar, CFA

Urban Company, India's leading online home-services platform, plans to use IPO proceeds to enhance technology, training, branding, and working...