SBI MF purchased shares worth ₹632.2 crore in Urban Company, amounting to nearly 4% of its outstanding equity.
As of December 31, SBI MF already had a 1.89% stake in the company.
Urban Company saw a large block on Tuesday, where three entities offloaded nearly 4.6% of the company’s outstanding equity.
Existing shareholders DF International II Fund, and Wellington Hadley Harbor, sold their entire stake, marking an exit from the company, while ABG Capital, which had a 1.36% stake as of December, offloaded 1.2% stake or 1.74 crore shares.
The block in Urban Company took place as soon as the six-month lock-in for shareholders ended on Tuesday, which freed up 940.9 million shares of the company, or 66% of the total outstanding, according to Nuvama Alternative & Quantitative Research.
Shares of Urban Company had made their stock market debut in September last year, having priced their IPO at ₹103 apiece. The stock nearly doubled within a few days of going public, making a post-listing high of ₹201.
However, concerns over profitability and increased investments in its new Instahelp service, led to the stock reversing all of those gains, even slipping below the issue price for a brief period.
Shares of Urban Company are trading 13.9% higher on Wednesday at ₹125.42. The stock is down 8% in the last one month.
