Recently-listed Urban Company shares rise up to 7%; Dev Accelerator hits 5% lower circuit for 2nd session

The shares of Urban Company jumped 7 percent on September 19, extending significant gains for the third consecutive session since their bumper debut. Dev Accelerator shares however dropped 5 percent to hit the lower circuit for the second consecutive session.

Shringar House of Mangalsutra shares rose nearly 1 percent to trade at Rs 192 apiece. The three stocks had made their much-anticipated stock market debut on September 17.

Urban Company share price:

The shares of Urban Company jumped more than 7 percent to hit an intraday high of Rs 182.3 apiece. The stock has rallied nearly 77 percent from its IPO price of Rs 103 apiece. The stock later pared some gains and were trading over 4 percent higher at Rs 177 apiece, as seen at 11.30 am.

The stock had made a bumper debut on September 17, listing at 57 percent premium over the IPO price at Rs 162.25 apiece on NSE. On the debut day, the shares then gained further to close 64 percent higher at Rs 169 apiece.

"Beyond the immediate upside, Urban Company represents a structural long-term story in the home services segment. We advise allotted investors to hold the stock, while non-allottees should adopt a 'wait and watch' approach to evaluate potential post-listing opportunities," said Prashanth Tapse, Senior Vice-President (Research) at Mehta Equities.

Urban Company, which is India's largest home-services provider, will double down on offering services within an hour, in a bid to attract more clients who are used to instant deliveries of everything from groceries to gadgets, its CEO Abhiraj Singh told Reuters.

The company plans to make "meaningful" investments over the next two to three years to build a dense network of service professionals in its core markets, enabling it to offer instant services. This strategy could put pressure on profit margins, Bhal said.

Dev Accelerator share price:

Dev Accelerator shares dropped 5 percent to hit the lower circuit at Rs 57.79 apiece. This marks the second consecutive session when the stock remained locked in the lower circuit. The stock is currently 5 percent down from its IPO price of Rs 61 per share.

Dev Accelerator shares had made a muted market debut on September 17, listing flat at the IPO price with zero premium. On the debut day, the stock jumped 5 percent to hit the upper circuit at Rs 64.05 apiece.

The shares of the coworking solutions player however erased all debut day gains on second day as it dropped 5 percent to close at Rs 60.84 apiece. On the third day, the stock has now fallen another 5 percent.

Shringar House of Mangalsutra share price:

Shringar House of Mangalsutra shares rose over 1 percent to hit an intraday high of Rs 190 apiece. The stock is now jumped nearly 16 percent from its IPO price of Rs 165 apiece. The stock later pared some gains to trade with marginal gains at Rs 190.16 apiece.

The stock had made a decent market debut on September 17, listing at over 14 percent premium over the IPO price. The stock has now extended gains for the third consecutive session.

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