Report: Nykaa changes status to public company ahead of IPO plans

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.