Beauty Startup Nykaa's IPO Over-Subscribed By 82 Times
NDTV
FSN E-Commerce Ventures, the company which owns the Nykaa brand, priced the 53.52 billion rupee IPO at a range of 1,085 rupees to 1,125 rupees per share, giving it a valuation of as much as $7.11 billion.
TPG-backed fashion e-commerce platform Nykaa's initial public offering drew bids worth $32.55 billion as it was oversubscribed by nearly 82 times on Monday, signalling strong investor demand for the latest startup in the country to pursue a domestic stock listing.
FSN E-Commerce Ventures, the company which owns the Nykaa brand, priced the 53.52 billion rupee IPO at a range of 1,085 rupees to 1,125 rupees per share, giving it a valuation of as much as $7.11 billion.
The company received bids for 40 times the number of shares it plans to sell to anchor investors in its IPO, a source told Reuters last week. Investors included Blackrock Capital Group and asset manager Fidelity.
Nykaa's IPO is the latest in a year which has seen over 40 companies list on the domestic stock exchanges, the highest amount since at least 2016, as firms attempt to cash in on a market that has scaled record highs on the back of a decline in COVID-19 cases, a re-opening of the economy and ample liquidity.
