Nykaa eyes minimum valuation of $3 billion for IPO
Multi-brand beauty retailer Nykaa plans to launch an initial public offering as soon as this year, with an expected valuation of at least $3 billion (Rs 19,958.3 crore).
Nykaa E-Retail Pvt is planning a share sale in Mumbai and considering a domestic listing, although an overseas share sale is also a possibility, ET Bureau reported, citing Bloomberg sources. Nykaa has not made an official comment on the IPO, but has previously made statements on plans to launch an IPO in the future.
Nykaa’s list of investors include Sunil Munjal’s family office, Hero Enterprise; TPG; and Fidelity Management and Research Co.
The business is also continuing to expand its brand selection with an increased focus on natural products, one if the main beauty trends to emerge from the pandemic. Nykaa has also restarted its brick-and-mortar expansion and recently opened beauty stores in Thrissur, Hyderabad, and Ahmedabad, as well as its first offline fashion store in Delhi.
Launched by Falguni Nayar, Nykaa retails over 1,200 Indian and international beauty brands and also has a fashion focused e-commerce platform, Nykaa Fashion. The business has six warehouses across India, a network of brick-and-mortar stores, and runs a number of fashion and beauty private label brands.
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