Urban Company Rallies Post-Listing Amid A Mixed Week For New-Age Tech Stocks

While the bulls dominated the Indian equities market for the third consecutive week, new-age tech stocks continued to see a mixed investor response. Eighteen out of the 37 new-age tech stocks under Inc42’s coverage ended the week with gains in a range of 0.40% to about 10%, while 19 stocks declined in a range of 0.22% to over 8%.

Amid this, Urban Company and DevX make their public market debut this week, becoming the latest addition to Inc42’s new-age tech stocks list. While Urban Company’s shares gained significantly after listing with a premium, DevX’s public listing bid was muted.

After listing on Wednesday (September 17) at INR 61.30 on the BSE, DevX’s shares touched lower circuit in the two subsequent trading days. The stock closed the week 5% lower from the listing price at INR 58.10.

With the addition of the aforementioned companies, the total market cap of the 39 new-age tech companies stood at $110.28 Bn. Minus the market cap of Urban Company and DevX, the cumulative market cap of 37 companies stood at $107.2 Bn, a slight uptick from $105.36 Bn market cap last week.

Swiggy topped the list of gainers this week, rising 9.80% to end the week at INR 461.20.

The second biggest gainer was Awfis, with its shares rallied consistently throughout the week after it announced adding eBay to its list of GCC clients on Tuesday (September 16). The company said that it has enabled eBay’s foray into Bengaluru with a 67,000 sq. ft. innovation hub. The stock ended the week 9.03% higher at INR 617.65.

BSE SME-listed Veefin was the third biggest gainer this week, with its shares soaring 8.89% to end the week at INR 406.10. On Monday (September 15), the company’s board approved a proposal to raise INR 94.1 Cr by issuing fresh equity shares and convertible warrants.

Later in the week, the fintech SaaS company announced partnerships with over 15 leading fintechs and enterprises to deliver digital lending and API infrastructure solutions to them, reinforcing the bullish investor sentiment.

Amid the list of gainers, Smartworks, IndiQube, Eternal and Delhivery touched fresh 52-week highs this week.

Meanwhile, profit booking impacted the likes of Yatra, ixigo and BlackBuck, which gained sharply in the preceding weeks.

Yatra topped the list of losers this week, with its shares crashing 8.31% to end at INR 151.75. To note, Yatra’s shares touched an all-time high of INR 173.80 on September 12.