Urban Set for Hot India Debut as Gray Market Signals 60% Premium

Urban Company Ltd.’s $215 million initial public offering, the most subscribed in India this year, is poised for a strong trading debut on Wednesday, according to indications in the gray market.

Shares of the tech startup, popular for providing services from plumbing and house cleaning to masseurs, are trading at a premium of at least 60% over 103 rupees ($1.17), the top end of its IPO range, according to Investorgain.com and IPOcentral.in, which track informal price activity in the unregulated market.

The high premium underscores robust demand from both institutional and retail buyers in the offering, which was more ...