Urban Company — the home-services marketplace formerly known as UrbanClap — has launched a ₹1,900 crore public issue that opens on September 10 and closes on September 12, 2025, with a price band of ₹98–₹103 and a lot size of 145 shares. The company is seeking a listing (tentatively) on September 17, 2025.

The offer mixes a ₹472 crore fresh issue with an offer-for-sale (OFS) of ₹1,428 crore, and is managed by Kotak Mahindra Capital, Morgan Stanley, Goldman Sachs and JM Financial; MUFG Intime is the registrar. At the top of the band the issue values the firm near $1.7 billion.

Urban Company turned profitable in FY25, reporting consolidated PAT of about ₹240 crore on revenue that rose strongly year-on-year — a marked turnaround from losses the prior year. Important nuance: a significant portion of the reported profit reflects a deferred tax credit, and pre-tax operating profit was modest, so investors should read the annuals closely.

Valuation metrics place Urban Company’s post-issue P/E around the ~60x mark (upper band basis), roughly in line with the sector average and below recent high-growth peers like Zomato and Nykaa — implying the IPO is neither a bargain nor wildly expensive relative to tech-services peers.

Grey-market signals have been upbeat (reports of a GMP in recent days), suggesting potential listing upside, but GMPs are volatile and unofficial — treat them cautiously. The IPO proceeds are earmarked for tech/cloud investment, office leases and marketing, signaling management’s focus on scaling and retention.