BENGALURU : Shares of cosmetics-to-fashion platform Nykaa made a blockbuster opening on Wednesday, valuing the Indian company at near US$13 billion, in the latest startup listing after food delivery firm Zomato's stellar debut in July.
The debut price was at a 79.4per cent premium to the initial public offering price of 1,125 rupees, giving the company a valuation of 954.37 billion rupees . "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.
Several high-profile Indian startups have already filed or are planning to file for IPOs, including Ant Group-backed fintech firm Paytm, SoftBank-backed companies hotel aggregator Oyo, ride-hailing firm Ola and logistics provider Delhivery.
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Source: ChannelNewsAsia - 🏆 6. / 66 Read more »