Saturday, November 27, 2021

Nykaa’s IPO reportedly over-subscribed 60 times by Anchor Investors

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According to recent reports, the initial public offering or IPO of FSN E-Commerce Ventures was fully subscribed on the first day of sale. The FSN E-Commerce Ventures is the same entity that operates Indian beauty startup Nykaa.

The $711 million share sale received bids for 34.7 million shares against 26.5 million offered in IPO and according to reports, Anchor investors had bid 60 times more than the shares on offer for their category.

The Mumbai-based firm’s anchor share sale received bids worth about 1.5 trillion rupees ($20 billion) from large funds compared with almost 24 billion rupees offered. Reports further claim that the Government of Singapore offered the largest investment of them all, subscribing to 2.6% of the anchor book. The Government of Singapore was closely followed by Canada Pension Plan Investment Board with 2.4% and Tiger Global with 2.3% and Fidelity funds bought a combined 6.3%.

this interest is one of the world’s most blistering stock-market rallies we have seen this year. Since the string of consumer-tech unicorns lines up to list on India’s public markets we can see many Indian startups going for IPOs. Paytm, the digital payments firm backed by China’s Ant Group Co. opens its share sale on Nov. 8 and it will be the nation’s biggest IPO so far. 

Nykaa’s IPO will catapult founder Falguni Nayar into India’s rarefied league of billionaire women. According to official sources, Public subscription runs Oct. 28 through Nov. 1, with trading expected to start Nov. 11. The anchor bids were received at 1,125 rupees a share, top of the company’s target range of 1,085-1,125 rupees.

According to reports, bankers to the sale include, BofA Securities India Ltd., Morgan Stanley, Kotak Mahindra Capital Co., ICICI Securities, and J M Financial.

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Avatar of Nivedita Bangari
Nivedita Bangari
I am a software engineer by profession and technology is my love, learning and playing with new technologies is my passion.


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