Beauty startup Nykaa’s IPO attracts bids of nearly $33 bn

TPG-backed Indian fashion e-commerce platform Nykaa’s initial public offering drew bids worth $32.55 billion as it was oversubscribed by nearly 82 times on Monday, signalling strong investor demand for the latest startup in the country to pursue a domestic stock listing.

FSN E-Commerce Ventures, the company which owns the Nykaa brand, priced the Rs 5,352 crore IPO at a range of Rs 1,085 to Rs 1,125 per share, giving it a valuation of as much as $7.11 billion.

The company received bids for 40 times the number of shares it plans to sell to anchor investors in its IPO, a source told Reuters last week. Investors included Blackrock Capital Group and asset manager Fidelity.