Indian cosmetics for fashion startup receives bids for 40 times the number of shares Anchor plans to sell investors A source with direct knowledge indicated strong interest in selling in its initial public offering (IPO) on Wednesday.

investment firm BlackRock Capital Group and property manager fidelity to truth Among the top buyers were the sale of shares worth $319.68 million FSN E-Commerce Ventures, the company that owns the Nykaa brand, offered it to institutional investors, the source said, refusing to be identified as the information was not public.

share sale anchor investor Will close later on Wednesday.

Nykaa did not immediately respond to a request for comment.

FSN E-commerce has priced its IPO at Rs 1,085 to Rs 1,125 per share, taking Nyka’s valuation to $7.11 billion.

company
Aims to raise around $500 million through three-day IPO subscription 28 October to 1 November. The IPO consists of issue of new shares of up to Rs 525 crore and offering of 43.1 million existing shares.

Nykaa, whose investors include private equity firms TPG, Fidelity and Indian film actress Alia Bhatt, has said it will use the proceeds of the IPO to set up new retail stores, fund capital expenditure and repay debt.

The book running lead managers for the IPO include BofA Securities, Morgan Stanley, Kotak Mahindra Capital, Citigroup, ICICI Securities and JM Financial.