Nykaa IPO Subscribed 1.55 Times On First Day Of Issue
E-commerce beauty giant Nykaa's Rs 5,352 crore initial public offering (IPO) was subscribed 1.55 times on the first day of issue, according to subscription data on the stock exchanges. The beauty e-tailer's IPO opened for bidding today and will close for subscription on November 1.Â
On Thursday, retail individual investors (RII) showed huge interest as the portion reserved for them was subscribed 3.50 times - the highest among the three groups of investors. The portion set aside for the qualified institutional buyers or QIB was subscribed 1.39 times, while the portion reserved for the non-institutional individual investors was subscribed 0.60 times.
The company has fixed a price band of ₹ 1,085-1,125 per share for the public offer. Bids can be made for a minimum of 12 equity shares and in multiples of 12 equity shares thereafter up to 14 lots.Â
Founded by banker-turned-businesswoman Falguni Nayar, Nykaa was incorporated in 2012 and is the country's first woman-led unicorn. FSN E-Commerce Ventures - operates the beauty and personal care segment through Nykaa and apparel and accessories vertical through Nykaa Fashion.
"Nykaa has reported a strong 48 per cent CAGR growth in its topline from FY19 to FY21. During the same period, the company's bottomline has also increased from a loss of 32 crore in FY19 to a profit of Rs 62 crore in FY21. The company has turned in a profit in FY21 as compared to losses in the previous years. It is currently one of the few profitable e-tailer in India.Â
At the higher end of the price band, Nykaa IPO is expensively priced at a PE ratio of 840 times FY21 earnings per share (on a post-issue basis). The valuation appears to be high, given that the company turned in a marginal profit in FY21. On a price-to-sales basis, Nykaa is priced at 21.5 times FY21 earnings per share. There are no immediate listed peers for the company, and hence, it could enjoy a scarcity premium in India,''Â SEBI-registered investment advisor INDmoney said.
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