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Narayana Murthy addresses graduating students at BML Munjal University's 6th Convocation for the Class of 2021
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Mr. Narayana Murthy addresses graduating students at BML Munjal University's 6th Convocation for the class of 2021 – India Education | Latest Education News | Global Educational News
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[What The Financials] IPO-Bound Nykaa Turns Profitable
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Nykaa files for Rs 4,000 crore IPO
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Nykaa files for Rs 4,000 crore IPO
Avik Das / TNN / Updated: Aug 4, 2021, 07:47 IST
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BENGALURU: Beauty and fashion retailer Nykaa has filed a draft red herring prospectus for an IPO. It plans to offer fresh equity shares worth Rs 525 crore and an offer for sale of up to 43 million shares. Nykaa plans to raise Rs 4,000 crore from the IPO, which would value the company at $5 billion-$5.5 billion.
Nykaa, which sells online and has 70 physical stores, plans to use the proceeds from the IPO for expansion, by setting up new retail stores and establishing new warehouses. It also plans to retire some of its debt, which should bring down interest costs, and further shore up its profitability, the filing said.
Falguni Nayar, the founder, and her family will continue to own majority stake in the multi-brand beauty and personal care platform even after the IPO.
“Primarily, it will be an offer for sale (OFS) by initial investors and about 10-15% of the offered size is a fresh issue,” said one of the persons quoted above.
The company has appointed investment banks such as Kotak Mahindra Capital, BofA Securities, ICICI Securities, Citibank, Morgan Stanley and
JM Financial to manage its public issue.
Nykaa is among the only few profit-making etailers in India. It reported a net profit of Rs 61.96 crore for FY21 compared to a net loss of Rs 16.34 crore in FY20.