Urban Company Shares Rally 8.5%, DevX Again Hits Lower Circuit

SUMMARY

Shares of Urban Company are trading about 95% above their issue price, while DevX has slipped 9.5% below the issue price

Both IPOs saw strong investor interest, with Urban Company’s issue being oversubscribed 104X and DevX’s 64X

Urban Company’s market capitalisation stood at $3.1 Bn, while DevX had a market cap of $56.4 Mn

Shares of Urban Company surged as much as 8.5% to INR 201 apiece during the intraday trading on the BSE today. Meanwhile, coworking space provider DevX, which made its public market debut on the same day as Urban Company, hit the lower circuit limit of 5% for the third consecutive session, dropping to INR 55.20 apiece.

Shares of Urban Company are trading about 95% above their issue price, while DevX has slipped 9.5% below the issue price.

At 10:45, Urban Company was trading 5.2% higher from the previous close at INR 194.8. The company’s market capitalisation stood at INR 27,957.01 Cr (about $3.1 Bn). DevX had a market cap of INR 497.84 Cr (about $56.4 Mn).

It is worth noting that both IPOs saw strong investor interest, with Urban Company’s issue being oversubscribed 104X and DevX’s 64X. However, the story has been contrasting since listing. Urban Company made a blockbuster debut, with its shares listing at a 57% premium over the issue price. DevX made a muted debut, with shares listing almost flat at the issue price.

On the financial front, DevX’s consolidated net profit surged 286% to INR 1.7 Cr in FY25 from INR 44 Lakh in FY24. Its operating revenue rose 47% to INR 158.8 Cr from INR 108 Cr in the previous year.

Meanwhile, Urban Company reported a net profit of INR 239.7 Cr in FY25 as against a loss of INR 92.7 Cr in FY24. Operating revenue zoomed 38.2% to INR 1,144.4 Cr from INR 828 Cr in the previous year.

Brokerages were optimistic on the IPOs of both the companies, albeit for different reasons. Several analysts recommended subscribing to Urban Company for the long term, citing strong transaction and revenue growth, improving profitability, dominance in home services, and calibrated product diversification. Its shares have already surpassed the expected price range of INR 165-INR 180 projected by brokerages.

For DevX, brokerages highlighted strong financial performance and operating metrics, strategic positioning in tier II markets, and its planned expansion into tier I cities as the key positives.

With the listing, Urban Company and DevX joined Smartworks, ArisInfra, BlueStone, IndiQube and Ather Energy in the list of new-age tech companies to make their public market debut this year.