IPO
Beauty startup Nykaa's Rs.5,352-Cr IPO oversubscribed
The Initial Public Offering (IPO) of Mumbai-based, PE-VC backed fashion e-commerce platform Nykaa was heavily oversubscribed. FSN E-Commerce Ventures, the company which owns the Nykaa brand, priced the INR 5,352 crore IPO at a range of INR 1,085-1,125 per share, giving it a valuation of as much as USD 7.11 billion. The quota for retail investors received 12.3 times bids, whereas the quota of qualified institutional buyers (QIBs) was subscribed 92.2 times. High Networth Individual (HNI) investor's portion was subscribed 112.5 times. Nykaa was founded in 2012 by Falguni Nayar, a former investment banker with Kotak Mahindra Bank. Nykaa grew popular by selling cosmetics and grooming products on its website, apps and through its physical stores, before expanding into fashion, pet care and household supplies. It had posted a consolidated net profit of INR 61.85 crore for the year ended March 31, 2021.
Starting Jul-15, Nykaa has raised funds from Fidelity India, Steadview Capital, TPG Growth and Lighthouse. It has also raised funds from Sharrp Ventures, Max Ventures, TVS Capital, Techpro Ventures and others, who have made partial / complete exits already. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)
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