Shares of cosmetics-to-fashion platform Nykaa made a blockbuster opening on Wednesday (November 10), valuing the company at near $13 billion, in the latest startup listing.
Shares of FSN E-Commerce Ventures, the profit-making company that owns the Nykaa brand, soared 89.2% to Rs 2,129 after opening at Rs 2,018 in pre-open trade.
The debut price was at a 79.4% premium to the initial public offering (IPO) price of Rs 1,125, giving the company a valuation of Rs 954.37 billion.
The 58-year-old CEO and founder of Nykaa, Falguni Nayar, is now the country’s richest self-made woman billionaire. Nykaa is derived from a Sanskrit word meaning heroine.
Ahead of the company’s Dalal Street debut, “I started Nykaa at the age of 50 with no experience. I hope the Nykaa journey can inspire each of you to be the Nykaa of your lives.” Before Nykaa happened, Nayar was an investment banker and that stint as the managing director of investment banking at the Kotak Mahindra Bank.
In 2012, people primarily bought beauty products from neighbourhood stores. That’s when Nayar started Nykaa providing a range of cosmetics and skincare items that was just a tap
away.
Soon after, products of international brands and those which were never heard of were introduced. Nyakaa sells products of more than 300 domestic and international brands — including Maybelline, Lakme, L’Oréal and luxury brands such as MAC, Huda Beauty and Estee Lauder.
(With agency inputs)
