Beauty startup Nykaa to raise $500 million through IPO: Report

BENGALURU: Indian e-commerce beauty company Nykaa plans to raise $500 million through its initial public offering (IPO), a source with direct knowledge of the matter told Reuters, becoming the latest homegrown startup to pursue a listing on the domestic bourses.

Private equity firm TPG-backed Nykaa, based in Mumbai, sells cosmetics, grooming products and clothes.

Nykaa, formally known as FSN E-Commerce Ventures Ltd, said its IPO will consist of a fresh issue of shares of up to Rs 525 crore ($70.63 million) and an offer for sale of up to 43.1 million shares, according to a copy of its draft red herring prospectus dated Monday.