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Published
Dec 9, 2021
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Nykaa's anchor lock-in period ends with stock down 21% from previous high

Published
Dec 9, 2021

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 is continuing to expand its offline retail network and plans to triple its store count


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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