Home services marketplace Urban Company and wearables brand boAt have received approval from the Securities and Exchange Board of India (Sebi) for their stock market debut.
The regulator’s clearance comes at a time when IPO activity is gaining momentum, with Sebi indicating a record number of approvals in the coming months.
Urban Company, which filed its draft red herring prospectus (DRHP) in April, plans to raise about ₹1,900 crore through its initial public offering (IPO). The issue will comprise a fresh issue of ₹429 crore and an offer-for-sale (OFS) of ₹1,471 crore by existing shareholders.
The listing will also facilitate partial exits for early backers such as Accel, Tiger Global, Elevation Capital, and Vy Capital, while infusing fresh capital into the company’s growth initiatives.
Founded in 2014, Urban Company has so far raised more than $450 million from global investors, including Tiger Global, Accel, Elevation Capital, and Dharana Capital.
According to its latest filings, Urban Company recorded a 38% year-on-year jump in revenue to ₹1,144 crore in FY25, while turning profitable with ₹28.5 crore in net earnings. The IPO proceeds are expected to be deployed toward enhancing service quality, scaling supply in existing verticals, and expanding into new categories.
Imagine Marketing, boAt’s parent, had taken the confidential filing route to file its draft IPO paper earlier this year. Reports suggest the company is eyeing a valuation of around $1.5 billion (nearly ₹13,000 crore).
Founded in 2016, boAt has emerged as one of India’s top consumer electronics brands, with a dominant presence in audio wearables, smartwatches, and personal accessories.
The company has raised over $170 million to date, including a $60 million round in 2023 led by Warburg Pincus and Malabar Investments. Warburg Pincus remains its largest external shareholder, followed by Fireside Ventures and Qualcomm. Financially, boAt clocked ₹3,122 crore in revenue in FY24, though its FY25 results are yet to be disclosed.
Urban Company and boAt join a wave of high-profile firms eyeing listings, with WeWork India, PhysicsWallah, and Groww also recently securing Sebi nods—a sign of rising investor appetite for consumer businesses and India’s maturing startup ecosystem.
Digital lending platform Kissht, operated by OnEMI Technology Solutions, has also filed its DRHP with the regulator to raise up to ₹1,000 crore through a fresh issue of shares.
On 26 August, Sebi whole-time member Kamlesh Chandra Varshney said September could witness the highest-ever number of IPO clearances, citing the regulator’s enhanced processing capacity. Sebi is also considering relaxed norms for large IPOs to further streamline the listing process.
