Urban Company and boAt secure SEBI nod for IPOs

Home services marketplace Urban Company and wearables brand boAt have received a green light from the Securities and Exchange Board of India (SEBI) to tap the public markets.

Urban Company, which filed its draft red herring prospectus (DRHP) in April this year, is set to raise about Rs 1,900 crore through its initial public offering. The issue comprises a fresh issue of shares worth Rs 429 crore and an offer-for-sale (OFS) of Rs 1,471 crore by existing shareholders. 

The Urban Compnay’s IPO is expected to provide partial exits to Accel, Elevation, Tiger Global, VY Capital, and others while infusing fresh capital into the business to strengthen service quality and expand supply in new categories.

As per Entrackr’s estimates, Urban Company has raised more than $450 million. from investors including Tiger Global, Accel, Elevation Capital, and Dharana, among others.

boAt’s parent, Imagine Marketing, on the other hand, had opted for the confidential filing route. The SEBI nod allows the company to go ahead with its public listing, with reports indicating it is eyeing a valuation of about $1.5 billion (nearly Rs 13,000 crore). 

boAt has raised over $170 million to date, including a $60 million round led by Warburg Pincus and Malabar Investments in 2023. According to startup data intelligence platform TheKredible, Warburg Pincus is the largest external stakeholder, followed by Fireside Ventures and Qualcomm.

Coming on the financial front, Urban Company recorded a 38% year-on-year increase in its revenue to Rs 1,144 crore in FY25, with profits of Rs 28.5 crore. On the other side, BoAt has yet to file its FY25 respuults. However, in FY24, it recorded a revenue of Rs 3,122 crore.

Recently, WeWork, edtech unicorn PhysicsWallah, and digital investment company Groww also secured SEBI nod for their IPO.