HomeCURRENT AFFAIRSBUSINESSNykaa is set to open its IPO for subscribers on October 28

Nykaa is set to open its IPO for subscribers on October 28

E-commerce beauty website, Nykaa is set to open its Initial Public Offering (IPO) for subscribers on October 28, Thursday. The company, is eyeing a valuation of $7 billion. The offer will close on November 1.

The company plans to raise Rs 5,351.92 crore through its public issue at the upper price band. The price band has been fixed at Rs 1,085-1,125 a share. FSN E–Commerce Ventures is promoted by Falguni Nayar and backed by private equity firm TPG.

Bids can be made for a minimum of 12 shares and in multiples of 12 shares thereafter. Retail investors can invest a minimum of Rs 13,500 for one lot and a maximum of Rs 1,89,000 for 14 lots.

Earlier, the fresh issue size was ₹525 crore.

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Those selling shares in the OFS are —promoter Sanjay Nayar Family Trust and shareholders —TPG Growth IV SF Pte Ltd., Lighthouse India Fund III, Limited, Lighthouse India III Employee Trust, Yogesh Agencies & Investments, JM Financial and Investment Consultancy Services and some individual shareholders.

The company received SEBI’s approval on October 11 to launch the initial share sale.

According to the draft papers, the company plans to use the proceeds from the IPO for expansion, by setting up new retail stores and establishing new warehouses.

Nykaa will be the second Indian startup to go public this year after Zomato, which drew huge interest for its trailblazing IPO in July. Others in line to list on the stock exchanges this year are Paytm, PolicyBazaar and Mobikwik.

(With inputs from agencies)

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