Urban Company files draft papers for Rs 1,900-crore IPO

Tiger World-backed City Firm filed for an initial public offering of Rs 1,900 crore ($223 million), its draft papers launched on Monday confirmed. City Firm, which gives cell app-based magnificence and residential care companies, will elevate as much as Rs 429 crore by promoting new shares, whereas current buyers plan to dump inventory value Rs 1,471 crore.

The net companies aggregator plans to make use of over half of the funds raised from new shares for growing tech choices, and the remainder largely for workplace leases and advertising.

City Firm operates in 59 cities throughout India, UAE and Saudi Arabia.

The agency, additionally backed by Bessemer Venture Partners, joins an inventory of startups that need to or have already filed to go public, similar to Physics Wallah, PhonePe and Flipkart.

Home non-public equities Accel India and Elevation Capital, City Firm’s earliest backers and high shareholders with a stake of 10.5% and 10.8%, respectively, will collectively promote shares value Rs 779 crore.

Kotak Mahindra Capital, Morgan Stanley, Goldman Sachs and JM Financials are the lead bankers for City Firm’s main share issuance.