Online business excellence organization Nykaa plans to raise $500 million through its first sale of stock (IPO), a source with direct information on the matter told Reuters, turning into the furthest down the line local startup to seek after a posting on the homegrown bourses.
Private value firm TPG-sponsored Nykaa, situated in Mumbai, sells makeup, prepping items and garments.
Nykaa, officially known as FSN E-Commerce Ventures Ltd, said its IPO will comprise of a new issue of portions of up to ₹ 525 crore and a proposal available to be purchased of up to 4.31 crore shares, as per a duplicate of its draft distraction plan dated Monday.
The source said the ₹ 525 crore will come from new offers gave to financial backers, while the rest will come from existing investors.
Nykaa didn’t promptly react to Reuters’ solicitation for input.
Its documenting comes after food-conveyance firm Zomato Ltd’s heavenly introduction last month. Berkshire Hathaway Inc-upheld Paytm, friendliness organization Oyo Hotels and ride-hailing firm Ola, both supported by SoftBank, are among other Indian new businesses set to enter markets.
Dispatched in 2012, Nykaa became well known by selling beautifiers and preparing items on its site and applications, prior to venturing into design, pet consideration and family supplies.
As of March 31, the organization had combined downloads of 4.37 crore across the entirety of its portable applications, the outline showed. It additionally has a disconnected presence involving 73 actual stores across 38 urban areas in India.
Beside TPG, the organization likewise checks monetary administrations organization Fidelity and entertainer Alia Bhatt among its financial backers. Nykaa will utilize the IPO continues to set up new retail locations, store capital consumption and reimburse obligations, as per the plan.