FSN E–Commerce Ventures, which owns Nykaa and Nykaa Fashion, has fixed a price band of ₹1,085-1,125 per share for its initial public offer (IPO)that opens for subscription on October 28, and which is set to raise more than ₹5,000 crore.
The offer comprises a fresh issue of equity shares aggregating up to ₹630 crore and an offer for sale of up to 41,9,72,660 equity shares being offered by the selling shareholders. The offer will close on November 1, 2021.
Existing investors TPG Growth IV SF Pte, Lighthouse India Fund and others are expected to offload their shares in the IPO.
In an online briefing, Nykaa Executive Chairperson, MD and CEO Falguni Nayar said while access to the Internet was “very high” at 660-690 million consumers, the online shopper base was still at just 150-180 million. This, she said, would go up over the next five years with the beauty segment likely to grow from a $16-billion business to $28 billion business, while the fashion segment would grow from $54 billion to become $124 billion by 2025.
She added that Nykaa would also be looking at international expansion. “At the moment, we are very keen to go into Middle East, where we think there is a lot of affinity to Indian consumption, and in the Middle East we want to take many of our Indian brands, we want to export to these markets like including Kay beauty which could do very well into these markets as well as U.K. Europe is another area of opportunity, but we’re going to start with the U.K.,” she said.
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