Kotak Equities initiates coverage of Urban Company with sell call; stock trading 15% below debut price

Kotak Institutional Equities has initiated coverage of Urban Company with a ‘sell rating and a target price of Rs 120, weeks after its strong market debut. The stock, which opened at Rs 162.25, has slipped to Rs 138.20 as of November 26, down 15% from its IPO price, reflecting concerns over growth costs despite a strong expansion story.