Nykaa hopes for US$3 billion valuation as it prepares for IPO

THE WHAT? Nykaa is planning to float early next year, according to a report published by Reuters and is hoping for a valuation in the region of US$3 billion.

THE DETAILS The online retailer of cosmetics and grooming products has attracted investment from the likes of Fidelity Management and Research in the last year and is expected to report 40 percent growth in consolidated revenue this financial year.

The Indian platform is now said to be working with advisers to prepare for an IPO in Mumbai.

THE WHY? Reuters reports that Burger King India, Mrs Bectors Food and Mindspace Business parks have all pulled off successful entry into the stock market in recent months and Nykaa’s growth, thanks in part to the digital boom prompted by the pandemic, should stand it in good stead for a similar performance.

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