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Mumbai: Nykaa’s IPO has started on a positive note as within an hour of its opening, the retail portion of Nykaa’s IPO, with a price band of Rs 1,085-1,125 per share, got fully subscribed, BSE data showed on Thursday. Ahead of its IPO, Nykaa on Wednesday said it has raised Rs 2,396 crore from anchor investors.
As of 10:50 am on day 1 of its bidding, Nykaa IPO has been subscribed 0.19 times with the retail portion fully booked with 1.02 times, BSE data showed. The portion reserved for employees has been subscribed 0.11 times, with over 28,560 shares of the total reserved portion already booked.
The initial public offering of Nykaa owner FSN E-Commerce Ventures has been subscribed 29 per cent so far on October 28 at 11:30, the first day of bidding. The offer has received bids for 77.18 lakh equity shares against the IPO size of 2.64 crore equity shares.
Brokerages have recommended subscribing to the IPO as the company has a first-mover advantage and bright future prospects. “Considering the future prospect for the company and it being placed at a sweet spot as the first-mover advantage, we assign a “subscribe-long term” rating to this IPO,” cnbctv18.com reported Anand Rathi as saying in a report.
Founded in 2012 by former investment banker Falguni Nayar, as of August 31, 2021, Nykaa had cumulative downloads of 55.8 million across all their mobile applications. Nykaa had posted a net profit of Rs 61.9 crore in FY21 compared to a loss of Rs 16.3 crore in FY20. Nykaa opened their first physical store in 2014, and has 80 physical stores across 40 cities as of August 31, 2021.
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