Fashion commerce agency Nykaa rose as a lot as 89% on its Indian market debut Wednesday, gaining a valuation of $13 billion within the nation’s first girls-led unicorn itemizing.
Shares of FSN E-Commerce Ventures, which operates the Nykaa model, opened at 2,018 ($27.2) Indian rupees and went as excessive as 2,129, up from its preliminary public providing worth of 1,125 per share (on the upper finish). The agency has raised over $721 million within the public providing.
Founded by a former funding banker Falguni Nayar, who in her earlier function helped founders make inventory market debuts, Nykaa has constructed what’s now the biggest e-commerce agency for magnificence and private care merchandise within the nation.
“I began Nykaa on the age of 50 with no expertise.
I hope the Nykaa journey can encourage every of you to be the Nykaa of your lives ” 🚀🚀
Falguni Nayar forward of #Nykaa itemizing pic.twitter.com/0nJTv9APES
— Chandra R. Srikanth (@chandrarsrikant) November 10, 2021
The 9-12 months-outdated agency, which counts Bollywood celebrities resembling Alia Bhatt and Katrina Kaif in addition to TPG and Steadview amongst its backers, operates over 2,500 magnificence and private care manufacturers and sells them on its web site, apps and greater than 80 brick-and-mortar shops.
Nayar’s daughter Adwaita operates Nykaa’s fashion vertical, whereas son Archit runs the sweetness e-commerce enterprise.
The Indian agency, whose title means actress or one within the highlight, has stated it plans to deploy the capital it raises from the IPO to increase the variety of manufacturers it homes and arrange new shops.
