, the omni-channel lifestyle retailer founded in 2012, is preparing for its initial public offering (IPO) as it has converted itself into a public limited company.
Nykaa has now renamed itself to FSN e-commerce Ventures Limited from FSN e-commerce Ventures Private Limited, according to regulatory filings. The shareholders of Nykaa passed a resolution to this effect on July 16.
This step by Nykaa keeps it on the path to an IPO, and the retailer is expected to file its draft red herring prospectus (DRHP) very soon.
Nykaa now joins the list of other companies which are now planning to public, including Paytm, PolicyBazaar, MobiKwik, and CarTrade.
Falguni Nayar, Founder, Nykaa
According to reports, Nykaa is looking to raise about $700 million at a valuation of $4.5 billion in its IPO. The valuation is much higher than the $1.8 billion it reported during its last fundraise in November 2020.
The Indian startup ecosystem is witnessing a sort of rush towards IPO with the recent successful listing of food delivery and restaurant discovery unicorn – Zomato.
The Rs 9,375 crore public issue of Zomato was very well received from the investors as the share price rose by 66 percent on day one of the listing. On Monday, the market capitalisation of the company had crossed Rs one lakh crore.
The next big IPO from the Indian startup ecosystem will be of Paytm, which has lined up Rs 16,600 crore and indications are that it is likely to hit the market in October this year.
The public listing of Paytm is expected to be an important event for the Indian ecosystem as it is one of the most valuable startup in the country.
The other fintech startups which also plan to go for IPO are the Rs 6,500 crore issue of Policy Bazaar and Rs 1,900 crore from MobiKwik.
Going for an IPO is also an important step for the Indian startup ecosystem as it moves away from the conventional wisdom of going for listing overseas to seek better valuation.
Edited by Kanishk Singh
Link : https://yourstory.com/2021/07/lifestyle-retailer-nykaa-converts-into-public-limited-firm-ipo
Author :- Thimmaya Poojary ( )
July 26, 2021 at 11:13PM
YourStory