Gaining from a mark shift to online sales during the pandemic, Nykaa aims to increase its future IPO value to $4.5 billion from the earlier $3 billion.
Nykaa will retain the size of the IPO between $500 and $700 million. The increase in value is led by a spurt in the e-commerce platform’s revenues and profit due to COVID-19 led disruptions. As per reports, the IPO will be released by 2021-end or early 2022.
Nykaa has appointed Kotak Mahindra Capital and Morgan Stanley as managers for it’s the IPO. Founded in 2012, Nykaa is India’s top women-centric online marketplace with around 15 million registered users and caters to 1.5 million orders a month.
The platform has been able to carve out a niche for itself through excessive focus on the beauty and personal care segment, which differentiates it from horizontal e-commerce companies like Flipkart and Amazon.
Nykaa expanded its presence to offline retail in 2015 and has a network of 80 stores selling luxury brands such as Tom Ford, Jo Malone London, Dior, and Givenchy.
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