BENGALURU: Omni-channel beauty and fashion retailer Nykaa has changed the status of the firm from a private to a public company in preparation for its IPO, sources told TOI.
The nine-year-old firm is looking to raise $700-750 million at a valuation of $4.5 billion, the sources said.
“The company is proposing to undertake an IPO by way of a fresh issuance of equity shares… and/or an offer of sale of such a number of equity shares by certain of the existing and eligible shareholders of the company,” Nykaa said in a filing with the registrar of companies (RoC).
Nykaa declined to comment on the change of the firm’s status.
Founded in 2012 by Falguni Nayar, a former MD of Kotak Mahindra Capital Company, Nykaa has over 1,200 brands with a comprehensive selection of makeup and wellness products.
