Indian home services marketplace, Urban Company, witnessed overwhelming demand as its initial public offering (IPO) of Rs 1,900 crore ($216 million) was fully subscribed within hours of its launch on Wednesday. Data from the exchange showed that retail investors played a significant role in driving the subscription rates.

The retail investors’ portion, comprising 18% of the offering, was subscribed 3.24 times by 12:16 p.m. IST. In contrast, institutional buyers, allocated more than half of the IPO, subscribed to 20% of their portion. Non-institutional investors, including corporates, showed interest by subscribing 1.39 times to their part.

The company’s IPO, which started on September 10, will close on September 12, with trading of the stock set to commence on September 17. In the anchor round of the IPO, Urban Company raised 8.54 billion rupees from marquee investors like SBI Life Insurance and ICICI Prudential Life Insurance.

With a price band of Rs 98 to Rs 103 per share, Urban Company aims for a valuation of $1.70 billion. Research analyst, Ishank Gupta of Deven Choksey, considers this valuation to be “fairly priced” compared to competitors’ financial performances.

Urban Company’s successful IPO reflects the growing trend among Indian startups to tap into the IPO market. Companies like Lenskart and Meesho are also looking to list their shares to take advantage of the increasing demand and rising household incomes in the country.

Ranging from spas to plumbing repairs, Urban Company competes with firms like Housejoy and Sulekha, as well as unorganized regional players. The company achieved profitability in the last financial year, boasting revenue of Rs 1,145 crore, marking a 38% increase year-on-year.

The IPO includes Rs 472 crore worth of shares for a fresh issue, with existing shareholders and early backers, such as Accel India and Elevation Capital, looking to offload shares worth Rs 1,428 crore. As Urban Company gears up for its public listing, all eyes in the market are on this promising venture.