Mumbai Nykaa owner FSN E-Commerce Ventures Ltd’s initial share sale was fully subscribed on Thursday, the first of the three-day offering that closed on November 1.
The total book was subscribed 1.56 times excluding anchor allotment. As of 5 pm, the institutional investor category was subscribed 1.40 times of the 14.20 million shares on offer. Individuals with higher net worth in the non-institutional category attracted 60%, or 0.60 times, of the shares reserved for the category.
Retail individual investors whose investment ceiling cannot be exceeded ₹Stock exchange data shows that 2 lakh, 351% or 3.51 times the shares applied for in the IPO.
“No counterpart in the listed segment is engaged in the same business as FSN. At the higher price band of Rs 1,125, the company is seeking an EV/TTM sales multiplier of 21.6x, which appears to be a fair price,” said the Choice Broking note. Accordingly, given the growth potential in the beauty and personal space and the low penetration of e-commerce, we feel there is a huge untapped market for FSN.
The firm picked up on Wednesday ₹2396 crore from anchor investors by allotting 21.30 million shares ₹1125 per share, as per BSE data. Investors participating in the anchor book include BlackRock Global Funds, Fidelity Funds, Nomura, the Government of Singapore, Monetary Authority of Singapore, Canada Pension Plan Investment Board, T Rowe Price, Tiger Global Investment Fund, Goldman Sachs and Morgan Stanley.
The firm has set the price band for its Initial Public Offering (IPO): ₹1085-1125 per share. Looking for evaluation of this ₹52,574 crore (about $7.4 billion).
The firm has extended its latest issue ₹from 630 crores ₹525 crores ago. Offer for sale has come down from 43.11 million shares to 41.97 million shares. The firm plans to list on November 11.
At the upper end price band, the firm will increase around ₹5352 crores.
The OFS includes 4.8 million shares by Sanjay Nair Family Trust, up to 5.42 million shares by TPG Growth IV SF Pte, up to 4.84 million shares by Lighthouse India Fund III, up to 2.54 million shares by Yogesh Agencies & Investments, up to 9.14 lakh shares by JM . Financial and Investment Consultancy Services, up to 7.05 million shares by Sunil Kant Munjal, up to 10.20 million shares by Harinderpal Singh Banga combined with Indra Banga, up to 2.34 million shares by Narottam Sekhsaria.
At present, Falguni Nair Family Trust and Sanjay Nair Family Trust hold 22.33% and 23.67% stake respectively in the firm. TPG Growth has 3.48% while Lighthouse India Fund II is 3.11%. Sinil Kant Munjal holds 4.53% stake while Harinderpal Singh Banga jointly holds 8.7% stake in the firm along with Indra Banga.
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