Omnichannel magnificence and consumer-care merchandise retailer startup Nykaa will launch its three-day initial public offering (IPO) on October 28, figuring that the company intends to inflate to Rs 5,200 crore through it-as per the sources.
The IPO dates have been determined from October 28 to November 1. It will incorporate a new issue of Rs 630 crore, Economic Times reported.
A total of 41,972,660 shares would be open through offer-for-sale (OFS), the report appended.
"The company is seeking a valuation of around $7.4 billion in the IPO," a person privy to the development informed the business daily.
The online beauty store had obtained endorsement from the Securities and Exchange Board of India (SEBI) on October 14 for the IPO.
Nykaa, directed by former investment banker Falguni Nayar, is one of the freakish startups knocking the public markets in India. It is a successful and profitable unicorn; for another, the promoter group holds more than half of this new-age company even after its billion-dollar appraisal.
The company was established in 2012 and is a preeminent destination for beauty products. With a series of physical outlets, it has been posting healthy numbers--its FY21 revenue from services was Rs 2,440 crore. Its investors embrace TPG and Fidelity.
Nykaa now possesses over 1,500 brands in its portfolio, including leading luxury labels such as Bobbi Brown, L'Occitane and Estee Lauder. It has even initiated 68 brick and mortar stores in the country.
Kotak Mahindra Capital, Bofa Securities, Citi, JM Financial, Morgan Stanley and ICICI Securities are the i-bankers serving on the issue.
Nykaa is amongst a few valuable etailers in India. It listed a net profit of Rs 61.96 crore in the fiscal ended March 31, which resembled a net loss of Rs 16.34 crore in the year-ago period. Revenue grew 38% year-on-year to Rs 2,453 crore in FY21. Earlier, The company had stated it would use Rs 130 crore from the IPO advances to reimburse its debt and Rs 200 crore to sell its brands.