FSN E-commerce Ventures Ltd., the owner of Nykaa beauty products retailer, will launch its three-day IPO on Oct. 28, joining the booming frenzy for tech maiden offers. The IPO closes on Nov. 1.
The offer comprises a fresh issue worth Rs 630 crore and an offer-for-sale by promoters and existing investors to offload 4.19 crore shares worth around Rs 4,721 crore, according to its red herring prospectus.
The firm has set a price band of Rs 1,085-1,125 apiece, giving it a market value of up to Rs 53,204 crore, or about $7.1 billion.
“Last year, when we did the fundraise it was a Covid-impacted month, and from a certain perspective we needed to bolster our resources, and that valuation was right in the context then,” Falguni Nayar, founder and chief executive officer of Nykaa, told BloombergQuint in an interview. "Since then business has continued to grow and the valuation reflects that," she added.
Watch CEO Falguni Nayar speak to BloombergQuint on the company's $7-billion valuation and future plans:
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
