Form of words:
Mumbai: According to data available on the BSE Ltd website, the initial public offering of FSN E-commerce Ventures, the entity that operates Indian beauty startup Nykaa, was fully subscribed on the first day of the sale.
The share sale of $711 million received bids for 34.7 million shares against an offering of 26.5 million shares in the IPO. According to people familiar with the matter, anchor investors bid 60 times more than the shares offered for their category.
The Mumbai-based firm’s anchor share sale received bids worth about 1.5 trillion rupees ($20 billion) from the larger fund, compared to an offer of about 24 billion rupees, the people said, asking not to be identified because the information is private. The Singapore government was the largest with 2.6% of the anchor book, followed by Canada Pension Plan Investment Board with 2.4% and Tiger Global with 2.3%, while Fidelity Fund bought a combined 6.3%, according to a report from Nykaa late Wednesday. Exchange filing.
Interest follows one of the world’s most blatant stock-market rallies this year, as a series of consumer-tech unicorns vie for listing on India’s public markets. Paytm, a digital payments firm backed by China’s Ant Group company, began its share sale on November 8 in what will be the country’s biggest IPO ever.
Nykaa’s IPO will place founder Falguni Nair into the rare league of India’s billionaire women. A representative for Nykaa did not immediately respond to an email seeking comment.
The public subscription runs from October 28 to November 1, with trading expected to begin on November 11. Anchor bids were received at Rs 1,125 per share, well above the company’s target range of Rs 1,085-1,125.
BofA Securities India Limited, Morgan Stanley, Kotak Mahindra Capital Company, ICICI Securities and JM Financial are among the bankers for the sale. –bloomberg
Read also: Oyo files to raise Rs 8,000 cr in IPO as it revamps business model
subscribe our channel youtube And Wire
Why is the news media in crisis and how can you fix it?
India needs independent, unbiased, non-hyphenated and questionable journalism even more as it is facing many crises.
But the news media itself is in trouble. There have been brutal layoffs and pay-cuts. The best of journalism are shrinking, yielding to raw prime-time spectacle.
ThePrint has the best young journalists, columnists and editors to work for it. Smart and thinking people like you will have to pay a price to maintain this quality of journalism. Whether you live in India or abroad, you can Here.