Nykaa plans to go public in 2020
Indian beauty brands retailer Nykaa has announced that it plans to go public by 2020 without disclosing the pricing details and the amount it wishes to raise through its initial public offering (IPO).
Nykaa has already started preparing for its IPO launch and currently in the process of completing the initial formalities. It has appointed KPMG as the company’s internal auditor.
"We are already on a path to prepare for an IPO. Before IPO, you need to be formally run and follow a bunch of processes. We also have appointed KPMG as our internal auditor. It (IPO) will happen by calendar 2020," Falguni Nayar, the founder and CEO of Nykaa, told PTI.
The company has been expanding aggressively in the Indian market and has managed to raise funds regularly to fuel its expansion plan. It plans to add over 200 stores across India over the next five years
Nykaa is expecting its revenue to double to Rs 1,100 crore ($152.6 million) by the end of the current financial year and hopes to turn profitable by FY 2019, post which it plans to go public.
Nykaa currently has 22 brick and mortar outlets across India and aims to add more 38 stores by March 2019.
Nykaa was launched online by Falguni Nayar in 2012. The business now sells over 850 brands and 100,000 products and has launched a number of international brands in India.
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