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Miguel Cordon · · 1 min readReport: Nykaa changes status to public company ahead of IPO plans
“Nykaa’s shareholders passed a special resolution on July 16 and approved the change in the status of the company from a private company limited by shares to a public company limited by shares,” Entrackr reported, citing regulatory filings.
Details:
- The Indian firm’s holding company has also been renamed to FSN Ecommerce Ventures Limited from FSN Ecommerce Ventures Private Limited, the filings showed.
- The move pushes ahead the plans of the online beauty retailer to file its draft red herring prospectus, which sources told Entrackr is expected to occur in a few days. While the size of its IPO is yet to be disclosed, Livemint earlier reported that Nykaa was looking to bank up to US$700 million at a US$4.5 billion valuation.
Dive deeper:
- The move follows Nykaa’s recent raise from Fidelity Investments, a deal that involved a partial exit for the startup’s early investors and employees.
- The company said it recorded about US$252 million in revenue for the year ended March 31.
Editing by Collin Furtado and Jaclyn Tiu
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