New Delhi, Sept. 16 -- Urban Company recently broke records with an initial public offering (IPO) that was subscribed 104 times. The Rs.1,900-crore IPO is set to be the most successful listing ever by a unicorn in India.

Despite the risks in its business and the IPO, the stock is trading at a 50% premium on the grey market. It's set to hit the markets on Wednesday, and promises to be the hottest Indian IPO of 2025 so far.

Investors have tried to be discerning with their IPO bets this year. Even Ather Energy, which has seen its stock appreciate by more than 80% since listing, saw its IPO subscribed only 1.4 times. Against this backdrop, the enthusiastic reception for Urban Company's IPO has come as a surprise. For investors blindsided by...