[ad_1]
Nykaa’s IPO is the newest in a 12 months which has seen over 40 firms listing on the home inventory exchanges
Bengaluru:
TPG-backed vogue e-commerce platform Nykaa’s preliminary public providing drew bids value $32.55 billion because it was oversubscribed by practically 82 instances on Monday, signalling robust investor demand for the newest startup within the nation to pursue a home inventory itemizing.
FSN E-Commerce Ventures, the corporate which owns the Nykaa model, priced the 53.52 billion rupee IPO at a variety of 1,085 rupees to 1,125 rupees per share, giving it a valuation of as a lot as $7.11 billion.
The corporate acquired bids for 40 instances the variety of shares it plans to promote to anchor traders in its IPO, a supply advised Reuters final week. Traders included Blackrock Capital Group and asset supervisor Constancy.
Nykaa’s IPO is the newest in a 12 months which has seen over 40 firms listing on the home inventory exchanges, the best quantity since no less than 2016, as companies try to money in on a market that has scaled document highs on the again of a decline in COVID-19 instances, a re-opening of the economic system and ample liquidity.
“Nykaa is uniquely positioned… (with) a market share of virtually 35% within the on-line magnificence and private care market,” mentioned Sneha Poddar, affiliate vp of analysis, broking & distribution at Motilal Oswal Monetary Providers Ltd, including it’s nicely positioned to focus on enormous progress potential.
India’s magnificence and private care market is estimated to develop to about $28 billion by 2025, based on analysis agency RedSeer.
Launched in 2012, Nykaa grew widespread by promoting cosmetics and grooming merchandise on its web site, apps and thru its bodily shops, earlier than increasing into vogue, pet care and family provides. Its traders embrace movie actresses Alia Bhatt and Katrina Kaif.
In contrast to most startups, Nykaa has additionally achieved profitability, posting a consolidated web revenue of 618.5 million rupees for the 12 months ended March 31, 2021.
[ad_2]
Source link
