Mumbai: Beauty start-up Nykaa made dramatic entry in the Indian equity market. The start-up founded by Malayali woman Falguni Nayar has crossed market capitalization of Rs 1 lakh crore on its debut day. Falguni Nayar was the Managing Director of Kotak Mahindra Capital Company in the past. She is currently on board of Aviva Insurance, Dabur India and an independent member on the Tata Motors Board. Falguni Nayar, Sanjay Nayar, Falguni Nayar Family Trust and Sanjay Nayar Family Trust are the promoters of the company.
Shares of FSN E-Commerce Ventures, the company that owns the Nykaa brand, opened for trading at Rs 2,018 on the National Stock Exchange (NSE) up 79% from its issue price of Rs 1,125 per share. On the Bombay Stock Exchange (BSE) Nykaa shares opened for trading at Rs 2,001, up 78% from the issue price.
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Nykaa launched its sale of shares via initial public offering (IPO). It was closed on November 1. The IPO of FSN E-Commerce Ventures Limited received over 200 crore bids against 2.64 crore shares on offer and raised Rs 5,352 crore from the IPO.
Nykaa launched by Falguni in 2012. It sells cosmetics and grooming products on its website, apps and through its physical stores. Later the group expanded itself to fashion, pet care and household supplies. Its investors include film actors Alia Bhatt and Katrina Kaif.
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