Beauty Giant Nykaa Set To Join IPO Frenzy
NDTV
E-commerce beauty giant Nykaa will open its initial public offering to subscribers on Thursday, aiming for a total valuation of over $7 billion
Indian e-commerce beauty giant Nykaa will open its initial public offering to subscribers on Thursday, aiming for a total valuation of over $7 billion, the company's founder said Monday.
The start-up sector has been a rare bright spot in the coronavirus-battered economy, with some 20 unicorns - startups valued at more than a billion dollars - created so far this year.
Nykaa, which is seeking to raise around $700 million through the IPO subscription for a total valuation of over $7 billion, will be the biggest flotation since online food delivery firm Zomato's offering in July raised $1.3 billion.
Start-ups in India have attracted billions of dollars in investment even though many are yet to make a profit but Nykaa has reported revenues of $330 million in the fiscal year that ended in March.
