Ahead of its initial public offering (IPO), Nykaa has converted its status from a private company to a public one. The omnichannel beauty and personal care products retailer is now named FSN E-commerce Ventures Ltd.
In doing so, Nykaa follows firms like CarTrade, MobiKwik, Paytm, and PolicyBazaar that are also gearing up to go public soon.
“The company is proposing to undertake an initial public offer of its equity shares of the face value of Re 1 each by way of 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. The equity shares are proposed to be listed on one or more of the recognized stock exchanges in India,” Nykaa wrote in its filings to the Registrar of Companies (RoC).
The firm will likely file its draft red herring prospectus (DRHP) with capital markets regulator Securities and Exchange Board of India (Sebi) in a few days. It is eyeing to raise $700-750 million from its IPO at a valuation of $4-5 billion.
Nykaa has roped in investment banks Kotak Mahindra Capital, Citibank, ICICI Securities, Morgan Stanley, and Bank of America to manage its public issue.