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

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, things are picking up going into the year end, as is usual, with multiple US$1bn+ deals said to go live over the next few weeks.</li>
<li>On the placements front, as well, market remains receptive for both primary and secondary offerings.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, things are picking up going into the year end, as is usual, with multiple US$1bn+ deals said to go live over the next few weeks.
On the placements front, as well, market remains receptive for both primary and secondary offerings.


ECM Weekly (15 September 2025)- Chery, Zijin Gold, Hesai, Orion, Myungin, Urban, Nio, Kotak, Toei

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Equity Bottom-Up

<ul>
<li>India's home services market, <strong>valued at INR 5,210 billion</strong>, is projected to <strong>reach INR 8,580 billion by FY2030 at a CAGR of 10–11% </strong>.</li>
<li>Urban Company's core Indian business has turned profitable, with its EBITDA for this segment improving from a 9.72% loss in FY23 to a 3.30% profit in FY25.</li>
<li>The company's annual consumers grew from 4.76 million in FY2023 to 6.5 million in FY2025, while average spend rose from INR 3,786 to INR 4,079 during the same period.</li>
</ul>


India's home services market, valued at INR 5,210 billion, is projected to reach INR 8,580 billion by FY2030 at a CAGR of 10–11% .
Urban Company's core Indian business has turned profitable, with its EBITDA for this segment improving from a 9.72% loss in FY23 to a 3.30% profit in FY25.
The company's annual consumers grew from 4.76 million in FY2023 to 6.5 million in FY2025, while average spend rose from INR 3,786 to INR 4,079 during the same period.


Urban Company IPO: Will India’s Home Services Giant Clean Up on the Dalal Street?

India focused: IPO, special situations, Stylus Holdings

Himanshu Dugar

India focused: IPO, special situations

Stylus Holdings

Stylus Holdings is a buy-side equity research firm. We offer bottom-up investment ideas as well as provide on demand equity research and portfolio tracking. 
At Stylus, our focus is to identify market dislocations that can generate 20+% IRR with a reasonable margin of safety. As part of our research process, we do a deep dive into the fundamentals of the company, evaluate their competitive positioning and assess their valuation.
Our investment team is led by Himanshu Dugar. Himanshu is a Chartered Accountant and a CFA charter holder. He has 10+ years of active experience in the stock market with stints at CRISIL Research, a S&P Global copmany and Miras Investments, a single family office based in Dubai.

Equity Research Firm

<ul>
<li>With rising affluence, India's home services' is fast evolving with a focus on enhancing the convenience and quality of life for households. Online home services to grow at 16–22% CAGR.</li>
<li>Urban Company is the largest player (62% market share) with a recognised brand, ~50+k active professionals offering services across 17+ at-home service categories to 6+mn active customers</li>
<li>IPO looks reasonably priced at 7-8x FY27 revenues, considering Indian tech peers trade between 6-10x. We estimate FY25-27 revenue CAGR at 22-25% vs 27% during FY22-25</li>
</ul>


With rising affluence, India's home services' is fast evolving with a focus on enhancing the convenience and quality of life for households. Online home services to grow at 16–22% CAGR.
Urban Company is the largest player (62% market share) with a recognised brand, ~50+k active professionals offering services across 17+ at-home service categories to 6+mn active customers
IPO looks reasonably priced at 7-8x FY27 revenues, considering Indian tech peers trade between 6-10x. We estimate FY25-27 revenue CAGR at 22-25% vs 27% during FY22-25


IPO Review: Urban Company - India's Largest Marketplace for At-Home Services

Global Materials | Industrials | Commodities

Rahul Jain

<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

India

Urban Company operates a technology-driven, full-stack online services marketplace for quality driven services and solutions across various home and beauty categories. Our platform enables consumers to easily order services, including cleaning, pest control, plumbing, carpentry, appliance servicing and repair, painting, skincare, hair grooming and massage therapy. These services are delivered by trained and independent service professionals at the consumers’ convenience. We are focused on enabling delivery of a quality driven, standardized and reliable service experience.

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Urban Company (UCL 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

ECM Weekly (15 September 2025)- Chery, Zijin Gold, Hesai, Orion, Myungin, Urban, Nio, Kotak, Toei

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Urban Company IPO: Will India’s Home Services Giant Clean Up on the Dalal Street?

India's home services market set to grow to INR 8,580 billion by FY2030, with Urban Company's core business turning profitable and seeing growth...

Sudarshan Bhandari

IPO Review: Urban Company - India's Largest Marketplace for At-Home Services

India's At-home services sector is rapidly growing. Urban Company leads with a strong brand (62% market share), offering services in 17+...

Himanshu Dugar

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

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

ECM Weekly (15 September 2025)- Chery, Zijin Gold, Hesai, Orion, Myungin, Urban, Nio, Kotak, Toei

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Urban Company IPO: Will India’s Home Services Giant Clean Up on the Dalal Street?

​India's home services market set to grow to INR 8,580 billion by FY2030, with Urban Company's core business turning profitable and seeing growth...

Sudarshan Bhandari

IPO Review: Urban Company - India's Largest Marketplace for At-Home Services

​India's At-home services sector is rapidly growing. Urban Company leads with a strong brand (62% market share), offering services in 17+...

Himanshu Dugar

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

India's home services market set to grow to INR 8,580 billion by FY2030, with Urban Company's core business turning profitable and seeing growth...

India's At-home services sector is rapidly growing. Urban Company leads with a strong brand (62% market share), offering services in 17+...

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