Nykaa IPO heavily oversubscribed by flagship investors

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Indian cosmetics at fashion start-up Nykaa have received offers for 40 times the number of shares it plans to sell to anchor investors in its initial public offering (IPO), a directly-informed source said on Wednesday, indicating a strong interest in the sale.

Investment firm Blackrock Capital Group and asset manager Fidelity were among the major buyers of the 23.96 billion rupee ($ 319.68 million) sale of shares that FSN E-Commerce Ventures, the company owner of the Nykaa brand, proposed to institutional investors, the source said. refusing to be identified because the information was not public.

The sale of shares to the main investors will close later on Wednesday.

Read also | Nykaa IPO opened on October 28, price range set at Rs 1,085 to Rs 1,125 / share

Nykaa did not immediately respond to a request for comment.

FSN E-Commerce valued its IPO at Rs 1,085 to Rs 1,125 per share, giving Nykaa a valuation of up to $ 7.11 billion.

The company aims to raise nearly $ 500 million through a three-day IPO subscription from October 28 to November 1. The IPO involves issuing new shares worth up to Rs 5.25 billion and offering up to 43.1 million existing shares.

Nykaa, whose investors include private equity firm TPG, Fidelity and Indian actress Alia Bhatt, said she would use the proceeds of the IPO to set up new retail stores, fund capital spending and pay off debts.

The main book managers for the IPO include BofA Securities, Morgan Stanley, Kotak Mahindra Capital, Citigroup, ICICI Securities and JM Financial.

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