Nykaa changes status to public company ahead of IPO filing

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Mumbai: Nykaa has changed its status from a private company to a public one ahead of its planned initial public offering (IPO), regulatory filings sourced through Tofler show.

In doing so, the omnichannel beauty and personal care products retailer follows firms such as CarTrade, MobiKwik, Paytm and PolicyBazaar that are also gearing up to go public soon.

In a special resolution passed on July 16 by its shareholders, the company said it has renamed itself from FSN e-commerce Ventures Private Limited to FSN e-commerce Ventures Limited.

“The company is proposing to undertake an initial public offer of its equity shares of face value of Re 1 each by way of a fresh issuance of equity shares… and/or an offer of sale of such a number of equity shares by certain of the existing and eligible shareholders of the company,” Nykaa wrote in its filings to the Registrar of Companies (RoC). “The equity shares are proposed to be listed on one or more of the recognised stock exchanges in India.”

According to sources, Nykaa is likely to file its draft red herring prospectus (DRHP) with capital markets regulator Securities and Exchange Board of India (Sebi) in a few days. The nine-year-old company is looking to raise $700-750 million from its public offer at a valuation of $4-5 billion.

The company, which is backed by TPG Growth, Steadview Capital, Fidelity and Hero Group chairman Sunil Kant Munjal, among others, has appointed investment banks Kotak Mahindra Capital, Citibank, ICICI Securities, Morgan Stanley and Bank of America to manage its public issue.

Falguni Nayar, founder and chief executive officer of Nykaa, did not immediately respond to queries from ET.

According to a March 24 ratings release by Crisil, a growing presence in the booming ecommerce segment has helped Nykaa increase revenue steadily from Rs 574 crore in fiscal 2018 to an estimated Rs 2,500 crore in fiscal 2021. “With a steady infusion from investors and improvement in profitability, networth is strong, estimated at Rs 510-520 crore as on March 31, 2021,” the release stated.

News publication Entrackr first reported the development on Monday.

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