Nykaa releases IPO launch date, plans to raise up to Rs 5,200 crore: Reports

Beauty startup Nykaa will launch its three-day initial public offering (IPO) on October 28, reports said, adding that the company plans to raise up to Rs 5,200 crore through it.

The IPO dates have been fixed from October 28 to November 1, and it will involve a fresh issue of Rs 630 crore, Economic Times reported.

A total of 41,972,660 shares would be available through offer-for-sale (OFS), the report added.

“The company is seeking a valuation of around $7.4 billion in the IPO,” a person privy to the development told the business daily.

The online beauty store had received approval from the Securities and Exchange Board of India (SEBI) on October 14 for the IPO.

Also Read: IPO 'Nykaa' | Meet Falguni Nayar, the brain behind the beauty startup

Nykaa, headed by former investment banker Falguni Nayar, is one of the most unique startups to be hitting the public markets in India. For one, it is a profitable unicorn, for another the promoter group owns more than half of this new-age company even after its billion-dollar valuation.

The company was founded in 2012 and is a leading destination for beauty products. With a chain of physical outlets, it has been posting healthy numbers--its FY21 revenue from operations was Rs 2,440 crore. Its investors include TPG and Fidelity.

Nykaa now boasts of over 1,500 brands in its portfolio, including leading luxury labels such as Bobbi Brown, L’Occitane and Estee Lauder, and it has even opened 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 working on the issue, a source told Moneycontrol in August.