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

by Mike Robinson

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BENGALURU – Shares of Nykaa, a fashion e-commerce platform for women and men opened Wednesday with a 79.4% discount to the offer price. The company was valued at 954.37 Billion Rupees ($12.86 Billion), following Zomato’s latest Indian startup listing.

FSN E-Commerce Ventures shares opened in pre-open trade at 2,018 Rupees compared to the initial public offer (IPO) price (1,125 rupees).

Last week’s company offering attracted bids of $32.55 million. It was almost 82 times oversubscribed, which indicates strong investor demand. This is a rare startup to achieve profitability.

Companies are looking to profit from an Indian market with record levels of liquidity and a declining COVID-19 rate.

The company, which functions in two broad segments, namely beauty and personal care and apparel & accessories, was incorporated in 2012 and swiftly became a popular name among Indian consumers.

Nykaa has invested in famous Indian celebrities like Alia Bhatt or Katrina Kaif to run its online operations.

($1 = 74.1900 Indian Rupees)

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