Online Beauty Store Nykaa promoted by FSN E-Commerce Ventures Ltd’s, initial public offering (IPO) is in heading for the public offer, the issue is slated to open on 28 October for subscription and close on 1 November.
The digital beauty store had received approval from the Securities and Exchange Board of India (SEBI) on October 14 for the IPO
According to reports Nykaa plans to raise as much as Rs 5,200 crore and anchor placement will open on 27 October for Rs 2,340 crore.
The firm has increased its fresh issue to Rs 630 crore from Rs 525 crore. The offer for sale (OFS) has reduced to 41.97 million shares from 43.11 million shares. The firm plans to list on 11 November.
Nykaa is a profitable Unicorn, and a unique startup
Nykaa, headed by former investment banker Falguni Nayar, is one of the most unique startups to be hitting the public markets in India. For one, it is a profitable unicorn, for another the promoter group owns more than half of this new-age company even after its billion-dollar valuation.
The company was founded in 2012 and is a leading destination for beauty products. With a chain of physical outlets, it has been posting healthy numbers–its FY21 revenue from operations was Rs 2,440 crore. Its investors include TPG and Fidelity.