New Delhi, Nov 10 (SocialNews.XYZ) Bumper opening of lifestyle-focused consumer technologies platforms Nykaa's IPO has catapulted its promoters -- the Nayar family -- as one of India's richest self-made billionaires.
At present, the promoter family holds around 53 per cent stake in firm FSN E-Commerce Ventures, which owns Nykaa.
The stake at the opening price of Rs 2,001 per share was worth over $6.5 billion.
Consequently, the promoter family joined the billionaires' ranks.
The promoter family has stakes of Falguni Nayar, MD and CEO, FSN E-Commerce Ventures, Anchit Nayar, Adwaita Nayar, and the Nayar Trust.
Listed at Rs 2,001 at the opening bell, the scrip, as against the offer price of Rs 1,125, went to touch a high of Rs 2,248.
"Nykaa, the largest specialty beauty and personal care (BPC) Platform in India, had a stellar debut today on the bourses - It is the first of its kind listing in the e-commerce space and thus garnered lot of interest, validated from IPO subscription of 82x," said Sneha Poddar, AVP Retail Research, Motilal Oswal Financial Services.
"It is one of the very few profitable new-age company and is the first women led unicorn which also attracted lot of investor interest. Apart from leadership in online BPC in India, Nykaa is also one of the fastest growing fashion platforms in India based on GMV (Gross Merchandise Value)."
According to Ravi Singh, Head of Research & Vice President, ShareIndia: "Nykaa stock is trading at a premium of over 82 per cent at Rs 2,054 per share on the NSE as compared to its IPO issue price of Rs 1,125."
"We advice investors to cover their 50 per cent position at current premium and rest hold with closing stop loss of 1,850 for the target of 2,500. Nykaa has a strong fundamental so investors may hold their position for longer period."
Source: IANS
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