Weeks after getting its board nod to , consumer services unicorn Urban Company has filed its draft red herring prospectus (DRHP) for INR 1,900 Cr public issue.

As per a report by Reuters, the company’s IPO will comprise a fresh issue of up to INR 429 Cr, marking a near 19% reduction from the limit set by the company’s board.

The company plans to utilise over half of the capital raised via fresh issue to develop its tech offerings and utilise the rest to lease new office spaces and market its offerings, the report added.

Meanwhile, Urban Company’s existing investors will offload shares worth up to INR 1,471 Cr. Accel and Elevation will together sell shares worth INR 779 Cr via the offer-for-sale component in the IPO.

(The story will be updated shortly.)

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