Nykaa's anchor lock-in period ends with stock down 21% from previous high
Beauty giant Nykaa saw its anchor lock-in period for shares end on December 8 with shares having corrected over 21% from their 52-week high following the business’ initial public offering.
Nykaa, which launched its IPO on November 10 to a mammoth response, found its shares under pressure at the closing of its anchor lock-in period for investors on Wednesday, ET Bureau reported. At their peak, Nykaa’s parent company FSN E-Commerce Ventures’ shares reached a high of Rs 2,574 ($34.10), scaled on November 26.
The business’ stock had slipped by around 6% to Rs 2,028 per share but was able to make a comeback to Rs 2,130 just before midday on Wednesday. During trade on the Bombay Stock Exchange, Nykaa’s scrip declined as much as 10% from the day’s high of Rs 2,248.40. The share pressure had pushed the business’ market cap below the Rs 1 lakh crore mark in the early hours of trading during the day.
Nykaa’s issue was oversubscribed around 82 times and had listed at a premium of around 80% at Rs 2,018 per share at the launch of the IPO. The IPO last month made waves as the unicorn, founded by entrepreneur Falguni Nayar, achieved a valuation of close to $14 billion. The business recently announced that it plans to focus on profitability and continued omni-channel expansion moving forward.
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