Amid this cacophony of startup IPOs, all eyes are on Urban Company’ public listing, which has grabbed the spotlight not only as one of the most subscribed public issues but also the hottest one of 2025 so far.

With an oversubscription of nearly 104X, with strong demand across institutional, HNI, and retail investors alike, the company is set to list on the bourses this week (September 17).

Undoubtedly, the unicorn has thrown a record-breaking IPO when compared to the likes of Zomato, Nykaa and other trailblazers.

For context, Nykaa’s IPO was oversubscribed 82X and Zomato 38X — impressive, but still eclipsed by Urban Company’s IPO frenzy, despite the latter being late entrant in the great Indian startup IPO race.

So, why did Urban Company’s IPO become such a big deal? Let’s find out…

What Explains The Urban Company IPO Frenzy?

“This is the first established startup of its kind going public, and there isn’t really a listed competitor to compare it with. That’s one reason for the craze,” said Kush Ghodasara, managing partner at InvestValue.

The buzz around Urban Company was visible even before bidding began. Its grey market premium climbed over 30% ahead of its IPO, and the icing on the cake was its IPO price band of INR 98 to INR 103 per share.

The company’s stock was trading at a premium of up to 45% in the informal market on Friday. This led to predictions running amok among analysts that the consumer tech company could list at a premium of 40-44% on the Indian exchanges.

“However, much of this surge may be speculative froth, amplified by limited float and the scarcity premium attached to consumer tech issues. Sustaining those gains will depend on earnings visibility and execution,” added Sourav Choudhary, MD of Raghunath Capital.

To put things in context, Urban Company’s IPO reserved at least 75% of the........

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