“Urban’s success is reflection of demand for consumer technology companies that are increasingly making inroads in people’s lives,” said Astha Jain, an analyst with Hem Securities.
Urban Company soared in its Mumbai trading debut, putting the rent-a-service marketplace on course to have best opening day among major initial public offerings in India this year.
Urban shares jumped as much as 74% to 179 rupees on Wednesday, building on the success of the country’s most oversubscribed major IPO this year. They were up 62% in afternoon trading, putting them on track to have the best first-day rally among all Indian IPOs sized US$100 million or above, according to data compiled by Bloomberg.
