India, Sept. 3 -- Urban Company Ltd. has decided on an IPO price band that pegs its valuation at $1.7 billion at the top end, underscoring the sky-high networth that new-age companies are garnering in India.

The Urban Company IPO includes a fresh issue of shares worth Rs.472 crore as well as an offer for sale worth Rs.1,428 crore by existing shareholders, according to the red-herring prospectus.

The IPO price band is set at Rs.98-103 apiece, at the upper end of which the company is valued at about Rs.15,000 crore (about $1.7 billion). The lot size is set at 145 shares or multiples thereof.

The proceeds from the fresh issue will be used for new technology and cloud infrastructure, lease payments for its offices, marketing activities, an...