Shares of FSN E-Commerce Ventures, that owns Nykaa, soared 89.2 per cent to Rs 2,129 Shares of cosmetics-to-fashion platform Nykaa made a smash hit opening on Wednesday, valuing the Indian business at near $13 billion, in the current start-up listing after food delivery company Zomato's outstanding launching in July.Shares of FSN E-Commerce Ventures, the profit-making business that owns the Nykaa brand, soared 89.2 percent to Rs 2,129 after opening at Rs 2,018 in pre-open trade.The launching price was at a 79.4 percent premium to the initial public offering (IPO) price of Rs 1,125, providing the business an appraisal of Rs 95,437 crore.The company's offering last week drew bids worth $32.55 billion as it was oversubscribed by nearly 82 times, signalling strong financier demand for a startup that, unlike lots of others, has actually currently accomplished success.
Nykaa has a seen a strong listing due to positive market sentiment ...
since it is the only profit-making company in the digital area, it is getting higher financier traction, stated Ajit Mishra, vice-president, research study, Religare Broking.However, the start-up's valuations look costly at these (levels) in spite of factoring in strong long-term growth potential customers, Mishra added.Several prominent Indian start-ups have currently submitted or are planning to apply for IPOs, consisting of Ant Group-backed fintech company Paytm, SoftBank-backed business hotel aggregator Oyo, ride-hailing company Ola and logistics service provider Delhivery.The listing comes at a time when companies are looking for to capitalise on an Indian market that has actually scaled record highs on the back of a decrease in COVID-19 cases, a resuming of the economy and sufficient liquidity.Nykaa, which works in two broad segments, namely beauty and individual care and clothing - & devices, was included in 2012 and swiftly became a popular name amongst Indian consumers.The startup, whose investors include private-equity firm TPG, Fidelity and Indian stars Alia Bhatt and Katrina Kaif, runs its online operations through mobile applications and sites together with 80 brick-and-mortar shops across the nation, since Aug.
31.