Nykaa’s bumper listing pushes its founder Falguni Nayar as India’s newest wealthiest female billionaire
Mumbai -Nykaa, the only woman-made unicorn in India, made its market debut on Wednesday and made its founder Falguni Nayar the newest wealthiest self-made female billionaire, successfully tripling her net worth. Nayar, 58, has joined the bandwagon with only six other Indian women dollar billionaires after her beauty and fashion retailer Nykaa’s parent company FSN hit a valuation of 1 trillion rupees ($13.5 billion) in the first five minutes of trade after floating on BSE.
“I hope the Nykaa journey, an Indian-born, Indian-owned, and Indian-managed dream-come-true, can inspire each of you,” Nayar said at the listing ceremony on Wednesday. Investment banker turned entrepreneur Falguni Nayar launched the e-commerce platform dealing with beauty and fashion in 2012.
Nykaa made a bumper listing on Wednesday, November 10, on the share market. The shares for Nykaa opened at Rs 2,001 on BSE, witnessing an increase of 77.87 percent premium over the issue price’s higher end. This has brought valuation of the company to nearly $13 million. Nykaa IPO received bids of more than 216.59 crore shares against the total size of issue of more than 2.64 crore shares, according to National Stock Exchange (NSE) data.
Nykaa IPO was subscribed 82 times, an extraordinary performance. On NSE, Nykaa stock opened making a debut at Rs 2,018, registering a surge of 79.83 percent. The share price to the higher end of the Nykaa IPO of Rs 1,125, has successfully increased the valuation of the company to Rs 1-lakh-crore mark.
“Nykaa has a seen a strong listing due to positive market sentiment … since it is the only profit-making company in the digital space, it is receiving higher investor traction,” said Ajit Mishra, vice-president, research, Religare Broking.
Founded in 2012, Nykaa has garnered investors including private equity firm TPG, Fidelity, as well as Indian celebrities Katrina Kaif and Alia Bhatt. Ahead of the company’s listing, Falguni Nayar said, “I started Nykaa at the age of 50 with no experience. I hope the Nykaa journey can inspire each of you to be the Nykaa of your lives.”