Nykaa gets SEBI’s go-ahead to raise funds via IPO
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E-commerce beauty company Nykaa has received the Securities and Exchange Board of India’s (SEBI) approval to float an initial public offering (IPO). The company had filed its DRHP with SEBI on August 2, 2021. The initial IPO size was estimated to be Rs 4,000 crore, of which Rs 525 crore was fresh fund raise.
Proceeds of the fresh issue will be used towards investment in certain subsidiaries -- FSN Brands or Nykaa Fashion -- to set up a new retail store, capital expenditure, repayment of the debt, to enhance the visibility and awareness of its brands and general corporate purposes. Kotak Mahindra Capital Company, Morgan Stanley India Company, BofA Securities India, Citigroup Global Markets India, JM Financial and ICICI Securities have been appointed as merchant bankers to advise the company on the IPO.
Founded in 2012, Nykaa is a digitally native consumer technology platform, delivering a content-led, lifestyle retail experience to consumers. The company has a diverse portfolio of beauty, personal care and fashion products, including its owned brand products manufactured by it.
