According to people familiar with the matter, India’s Nykaa is preparing to file for an initial public offering, which could value the startup at more than $4 billion. This is yet another sign of the growing interest in India’s technology sector.
Nykaa, a lifestyle e-commerce company, has converted from private to public entity ahead. According to regulatory filings, the company’s stakeholders passed a special resolution changing the company’s status from private to public. FSN e-commerce Ventures Ltd is the new name of the company.
‘The company is proposing to undertake an initial public offer of its equity shares of face value of Re 1 each by way of a fresh issuance of equity shares, out of the authorized share capital of the company and/or an offer of sale of such number of equity shares by certain of the existing and eligible shareholders of the company who have indicated their intent to participate in the offer for sale and the equity shares are proposed to be listed on one or more of the recognized stock exchanges in India,’ it said in the regulatory filing.
Adding, ‘In order to undertake the offer, the company is required to be converted from a private limited company to a public limited company, in accordance with the applicable laws.