TPG-backed Nykaa soars in India market debut to near $13 bln valuation – The Peninsula Qatar

TPG-backed Nykaa soars in India market debut to near $13 bln valuation – The Peninsula Qatar

Bengaluru: Shares of fashion e-commerce platform Nykaa opened at a 79.4% premium to their offer price on Wednesday, gaining a valuation of 954.37 billion rupees ($12.86 billion), in the latest listing by an Indian startup after food delivery firm Zomato.

Shares of FSN E-Commerce Ventures, the company which owns the Nykaa brand, opened at 2,018 rupees in pre-open trade, compared with the initial public offering (IPO) price of 1,125 rupees.