TPG-backed Nykaa soars in India market debut to near $13 billion valuation

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BENGALURU (Businesshala) – Shares of fashion e-commerce platform Nykaa opened at a 79.4% premium to its offer price on Wednesday, with a valuation of Rs 954.37 billion ($12.86 billion), the latest by an Indian startup after the food delivery firm is in the listing. Zomato.

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Shares of FSN E-Commerce Ventures, which owns the Nykaa brand, opened in pre-open trade at Rs 2,018, while the initial public offering (IPO) was priced at Rs 1,125.

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The company’s offering last week drew bids worth $32.55 billion as it was oversubscribed nearly 82 times, reflecting strong investor demand for a startup that, unlike many others, has already achieved profitability. .

The listing comes at a time when companies seek to cash in on the Indian market, which has hit a record high due to a drop in COVID-19 cases, reopening of the economy and ample liquidity.

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The company, which operates in two broad segments, namely Beauty & Personal Care and Apparel & Accessories, was incorporated in 2012 and is fast becoming a popular name among Indian consumers.

With well-known Indian celebrities like Alia Bhatt and Katrina Kaif investing in the firm, Nykaa currently runs its online operations through mobile applications and websites with 80 brick-and-mortar stores across the country as of August 31.

($1 = 74.1900 Indian Rupee)

Reporting by Anuran Kumar Mitra and Shivani Singh in Bengaluru; Editing by Sherry Jacob-Phillips

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