TPG-backed cosmetics startup Nykaa plans IPO, eyes $3 billion in valuation

BENGALURU (Reuters) - App-basically based mostly Indian cosmetics retailing startup Nykaa plans to switch public by early 2022 at a valuation of bigger than $3 billion, Mint reported right here on Wednesday, citing a particular person mindful in regards to the subject.

Within most fairness company TPG-backed Nykaa’s plans for an preliminary public offering comes after Burger King India, Mrs. Bectors Meals and Mindspace Industry Parks REIT saw unprejudiced subscriptions and a hit listings.

Launched in 2012, Mumbai-basically based mostly Nykaa grew favorite by selling cosmetics and grooming products on its net net page and apps, sooner than rising into vogue, pet care and household affords.

The startup is working with advisers to prepare for a half sale in Mumbai, Bloomberg reported right here on Tuesday night.

Nykaa also counts India’s Hero Challenge and Fidelity Administration and Learn Co amongst its backers, basically based totally on media experiences.

Nykaa and TPG declined to observation.

Reporting by Chandini Monnappa in Bengaluru; Enhancing by Subhranshu Sahu

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