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Beauty startup Nykaa aims to value IPO at over $7 billion, price fixed at Rs 1,085 to Rs 1,125 per share

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FSN E-commerce Ventures, a startup run by beauty company Nykaa, has priced its initial public offering (IPO) from Rs 1,085 to Rs 1,125 per share, giving it a valuation of $7.11 billion.

The company aims to raise approximately $500 million through a three-day IPO subscription from October 28 to November 1. The IPO includes the issuance of new shares worth up to 5.25 billion Indian rupees ($70.13 million) and an offering of up to 43.1 million of its existing ones. share.

The company’s investors include private equity firm TPG, Fidelity and Indian film actress Alia Bhatt. According to the prospectus, Nykaa will use the IPO proceeds to set up new retail stores, infuse capital and pay off debt.

The book running lead managers for the IPO include BofA Securities, Morgan Stanley, Kotak Mahindra Capital, Citigroup, ICICI Securities and JM Financial.

Earlier this year, food-delivery firm Zomato Ltd made a great debut in the stock market. Other Indian startups entering the market include Paytm, which is backed by Berkshire Hathaway Inc., and hospitality company Oyo Hotels and ride-hailing firm Ola, both of which are backed by SoftBank.

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