Nykaa IPO News
A marketplace that is primarily focused on beauty, Nykaa has updated its red prospectus for herrings (DRHP) to boost the value of its new offering by Rs 100 crore. Based on regulatory reports, Nykaa is now seeking to raise around 630 crore in IPO.
In August, the company stated within the DRHP, that it planned to raise 525 crore through the forthcoming Initial public offer (IPO). According to media reports, Nykaa could raise $500 million (Rs 4000 crore) however, the company did not reveal the exact amount of its IPO it had announced in the DRHP at a price of between $4.5-5 billion (Rs 35,000-40,000 crore).
According to sources in the industry the company has been granted acceptance from SEBI for the public listing of its stock and will likely be listed at the exchange before the end of the month.
You may also like to read:
Planning of lower stakes in Nykaa IPO
Nykaa will use the fresh funds to open warehouses and stores as well as to fund operations online and also repay its borrowers. Promoter Sanjay Nayar Family Trust and Nykaa's investors: Lighthouse, TPG Growth, Sunil Munjal among others will lower their stakes in the planned Nykaa IPO.
If the company is listed at $4.5-5 billion, it would be a 2.5X increment from the $1.8 billion value in November of 2020 when Massachusetts-based Fidelity Investments had picked up additional shares of the Mumbai-based company.
Contrary to most companies that are preparing for public listing, Nykaa is a profitable venture. Based on its DRHP report, the company reported the sum of Rs 61.94 crore in profit and operating revenues of 2440.89 crore for the fiscal which ended March 2021.
Also read: Licious becomes India’s first unicorn company in the D2C segment
The fact that promoters are a part of Nykaa differs from other IPO-bound businesses. Falguni along with Sanjay Nayar, along with their trusts of family members hold 53 percent of the company with a variety of rights that are favorable.
Nykaa is also older than the other internet-based consumer businesses that are preparing to go public. It was founded in 2012 by Nayyar back in the year 2012 Nykaa is able to fulfill more than 60,000 daily orders it claims that they have more than 15 million users registered. There are 73 physical stores spread across 38 cities across India with three stores at the close of FY21.
If you want to stay updated with the latest ongoings in the start-up industry, then visit our official website “Entrackr”.
No comments:
Post a Comment