Beauty Startup Nykaa To Raise $500 Million Through IPO: Report

Launched in 2012, Nykaa grew popular by selling cosmetics and grooming products on its website and apps.

E-commerce beauty company Nykaa plans to raise $500 million through its initial public offering (IPO), a source with direct knowledge of the matter told Reuters, becoming the latest homegrown startup to pursue a listing on the domestic bourses. Private equity firm TPG-backed Nykaa, based in Mumbai, sells cosmetics, grooming products and clothes. Nykaa, formally known as FSN E-Commerce Ventures Ltd, said its IPO will consist of a fresh issue of shares of up to Rs 525 crore and an offer for sale of up to 4.31 crore shares, according to a copy of its draft red herring prospectus dated Monday. The source said the Rs 525 crore will come from fresh shares issued to investors, while the rest will come from existing shareholders.