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Indian beauty firm Nykaa makes strong stock market debut

Nykaa shares made a strong listing on the stock exchanges today. Nykaa shares started trading at a premium of over 82% at Rs 2,054 per share on the NSE as compared to its IPO issue price of Rs 1,125 apiece. On the BSE, Nykaa shares listed at Rs 2,063. Also, the market capitalization of the company crossed Rs 1 lakh crore on the listing.

The Rs 5,351 crore IPO of FSN E-Commerce Ventures Ltd, Nykaa's parent company, was subscribed over 82 times. The company had received bids for 2,16,59,47,080 shares against 2,64,85,479 shares that were on offer. The category meant for qualified institutional buyers (QIBs) was subscribed 91.18 times, non-institutional investors 112.02 times and retail individual investors (RIIs) 12.24 times.
"Nykaa has a stellar debut. It is the only startup that has shown profits, unlike Zomato or Paytm where there is no visibility or clear time horizon on this aspect. The real challenge for the company now is to grow aggressively with improve margins. As a multibrand aggregator, and being a platform business, there is definitely potential to achieve both. That said, at these valuations, it beats a lot of established monopolies and the margin of safety in valuations is non-existent," Richa Agarwal, senior research analyst at Equitymaster, said.
The IPO of FSN E-Commerce Ventures had a fresh issue of equity shares worth Rs 630 crore and an offer for sale (OFS) of 4,19,72,660 equity shares by the promoter and existing shareholders. The price range for the offer was Rs 1,085-1,125 per share. FSN E-Commerce Ventures Ltd had raised Rs 2,396 crore from anchor investors ahead of the IPO.

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