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HomeBusinessBeauty Giant Nykaa Set To Join IPO Frenzy

Beauty Giant Nykaa Set To Join IPO Frenzy

Nykaa will open its IPO to subscribers on October 28

Indian e-commerce magnificence large Nykaa will open its preliminary public providing to subscribers on Thursday, aiming for a complete valuation of over $7 billion, the corporate’s founder mentioned Monday.

The beginning-up sector has been a uncommon brilliant spot within the coronavirus-battered economic system, with some 20 unicorns – startups valued at greater than a billion {dollars} – created thus far this 12 months.

Nykaa, which is searching for to boost round $700 million by the IPO subscription for a complete valuation of over $7 billion, would be the largest flotation since on-line meals supply agency Zomato’s providing in July raised $1.3 billion.

Begin-ups in India have attracted billions of {dollars} in funding though many are but to make a revenue however Nykaa has reported revenues of $330 million within the fiscal 12 months that led to March.

Based by former funding banker Falguni Nayar, India’s first woman-led unicorn provides 4,000 magnificence, private care and trend manufacturers by its web site, app and 80-odd brick-and-mortar shops.

“There’s nonetheless a major headroom out there for progress,” she mentioned at a digital press convention Monday as she credited the retailer’s “resilient and capital environment friendly mannequin” for the success.

“Our model has a robust resonance amongst millennials and Gen-Z.”

Ms Nayar, who will proceed to personal a majority stake alongside along with her household after the IPO, added the corporate was contemplating “selective worldwide enlargement” as the following step forward.

Shares within the IPO, which can shut on November 1, might be issued in a worth band of $14.46 to $15 every.

Some 30 corporations have introduced plans to supply shares in India this 12 months. 

Different unicorns set to listing embody digital funds agency Paytm, backed by Japan’s SoftBank and Chinese language billionaire Jack Ma.

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