Nykaa gets SEBI approval for IPO, to file updated DRHP
Beauty and consumer-care products retailer Nykaa received approval from the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO) on Thursday. Reportedly, the company will be filing an updated draft red herring proposal (DRHP) to increase its primary issue size to Rs. 630 crore.
Furthermore, the IPO sale will include an offer for sale (OFS) wherein existing shareholders will sell up to 431.1 lakh shares.
As per the draft prospectus filed by Nykaa in August, Founder Falguni Nayar and family will continue to hold a majority stake in the company after the IPO. Additionally, The Sanjay Nayar Family Trust will sell about 48 lakh shares. Other shareholders who will be diluting their stakes include the likes of TPG, Light House India Fund, JM Financials, Yogesh Agencies, Sunil Kant Munjal, Harindarpal Singh Banga, Narotam Sekhsaria, Narotam Sekhsaria and Mala Gaonkar.
The Mumbai-based omnichannel retailer has appointed Kotak Mahindra Capital, BofA Securities, ICICI Securities, Citibank, Morgan Stanley, and JM Financial among others to manage its public issue.
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