![Nykaa files DRHP for its IPO](https://img-cdn.thepublive.com/fit-in/640x430/filters:format(webp)/popdiaries/media/post_banners/A3sH4i0m8DVoLGhn5HGY.jpeg)
The DRHP stated that existing shareholders could sell as many as 43.1 million shares. The company is seeking a valuation of more than $4 billion.
E-commerce platform for beauty products, Nykaa, has filed preliminary documents for an initial public offering (IPO) as a long line of companies plan to list on the bourses. The entity that operates Nykaa, FSN E-Commerce Ventures Ltd, said it would raise as much as $70.6 million by selling new equity in the offering, as per its draft red herring prospectus (DRHP).
The DRHP stated that existing shareholders could sell as many as 43.1 million shares. The company is seeking a valuation of more than $4 billion and plans to sell more than 10 per cent of equity in total, as mentioned in a report in Bloomberg. The DRHP was not uploaded on the SEBI website at the time of filing of this copy.
Nykaa was founded in 2012 by former investment banker Falguni Nayar. Nayar and her family are likely to own a majority stake in the beauty retailer. Since its founding, Nykaa has become one of India’s go-to platforms for beauty products. It also has its own chain of physical outlets. In the fiscal year ended March, the company saw $330 million in revenue. It was last valued at $1.2 billion.
Kotak Mahindra Capital, ICICI Securities, Citibank, BofA Securities, Morgan Stanley and JM Financial have been appointed to manage its public issue.
Nykaa joins a dynamic and long queue of companies going public this year. Food delivery platform Zomato launched its IPO last month, while online insurance platform Policybazaar just filed for IPO. Mobikwik, Life Insurance Corp, Paytm, Pharmeasy, Go Airlines, Aditya Birla Sun Life AMC, Devyani International, Bajaj Energy are some of the companies rushing for an IPO.