Nykaa may come up with an IPO this year
By MYBRANDBOOK
The beauty startup company, Nykaa is planning for an initial public offering this year. As per the people familiar with this matter, this may value the company at a minimum $3 billion.
According to the sources, the founder of the company Falguni Nayar is working with advisers to prepare for the share sale in Mumbai. Nykaa is leaning toward a domestic listing, though an overseas share sale is also under consideration, said the sources.
Deliberations are ongoing and details of the offering including the size and timeline could change, the people said.
Nykaa was founded in the year 2012 and the platform offers over 1,200 brands ranging from makeup, skincare to health supplements and hair dryers.
Nykaa counts TPG and Indian tycoon Sunil Munjal’s family office Hero Enterprise among its backers. In November, Fidelity Management and Research Co. invested an undisclosed amount in Nykaa’s latest funding round. The startup is among companies that have benefited as Indian consumers increasingly shop online -- a trend bolstered by the pandemic-led lockdown last year.
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