Nine year old Nykaa is set to add the glam quotient to the IPO market, reports inidcate the beauty and wellness platform has moved a step closer to filing it's DRHP as it converts to a public holding company.
According to filings, the holding company of Nykaa has been renamed FSN e-commerce Ventures Limited from FSN e-commerce Ventures Private Limited. Founded by former investment banker Falguni Nayar, Nykaa is likely to keep the IPO size between $500-$700 million and seek a valuation of $5 billion.
Nykaa is India's largest omnichannel marketplace for women with approx. 15 million registered users. The beauty retailer caters to 1.5 million orders a month. What sets Nykaa apart is that it is the only startup that is profitable.
Brokerages such as Zerodha are already ready with preparations for IPO applications awaiting this issue.