Nykaa Shares Surge 6.5% Following Block Deal by Pre-IPO Investor

Nykaa is an indian e-commerce company headquartered in Mumbai. It sells beauty, wellness and fashion products through its website, mobile app, and over 100 physical stores. In 2020, it became the first indian unicorn startup headed by a woman.  Around 4.09 crore shares, constituting a 1.43% stake in FSN E-commerce Ventures, Nykaa‘s parent company, changed hands through a block deal on august 23.

The likely seller was identified as Harindarpal Singh Banga, a pre-IPO investor in the company. Although the exact buyers and sellers were not immediately verified, CNBC-TV18 reported that Banga was planning to offload up to 1.4% of his stake at a floor price of ₹198 per share.

Banga, who held a 6.4% stake in Nykaa as of the june quarter, translates to approximately 18.28 crore shares. His offloading of shares triggered a notable rise in Nykaa’s stock, with the share price surging 6.5%. By 1:17 pm, Nykaa’s shares were trading 8% higher at ₹228 on the NSE.

Harindarpal Singh Banga, a commodities billionaire and chairman of the Caravel Group, is ranked among the Top 50 richest individuals in Hong Kong, with a net worth of $2.9 billion as of august 2024, according to forbes Magazine. Other significant pre-IPO investors in Nykaa include Narotam Sekhsaria, sunil Kant Munjal, Mala Gaonkar, Steadview Capital, and TPG Growth
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Balasahana Suresh

25/08/2024 03:41 PM