On Thursday, omnichannel magnificence and consumer-care merchandise retailer Nykaa obtained approval from the Securities and Exchange Board of India (Sebi) for a primary public providing source with knowledge of the event affirmed.

According to banking sources, the firm will file an updated draft purple herring prospectus with the market regulator Sebi on Thursday to intensify the primary issue dimension from Rs 525 crore to Rs 630 crore.

The IPO may even embrace a proposal for sale (OFS) wherein existing shareholders will promote up to 431.1 lakh shares.

The Sanjay Nayar Family Trust, a promoter, will advance 48 lakh shares, and several traders that can modify their stakes include TPG, Light House India Fund, JM Financials, Yogesh Agencies, Sunil Kant Munjal, Harindarpal Singh Banga, Narotam Sekhsaria, Narotam Sekhsaria, and Mala Gaonkar, in association to the corporate's draft IPO prospectus, which it had recorded in August.

As reported by ET, founder Falguni Nayar and her household will take a majority stake individually within the firm even after the IPO. Currently, Nayar, with her husband Sanjay Nayar and two kids, owns more notable than 53% within the father or mother agency of Nykaa-FSN E-Commerce Ventures.

The Mumbai-based firm has designated funding banks similar to Kotak Mahindra Capital, BofA Securities, ICICI Securities, Citibank, Morgan Stanley, and JM Financial to handle its public issue.

Nykaa is among the many wholly few excellent etailers in India. It reported an internet revenue of Rs 61.96 crore in FY21, in distinction to an internet lack of Rs 16.34 crore in FY20. Additionally, its revenues gained 38% to Rs 2,453 crore in FY21. Nykaa now possesses over 1,500 brands in its portfolio, including directing luxury labels like Bobbi Brown, L'Occitane, and Estee Lauder. It has even inaugurated 68 brick-and-mortar stores in the country. Nykaa posted revenue of Rs 1,860 crore in FY20, making it likely the only profitable unicorn going public. It asserted it might utilize Rs 130 crore to repay its owed and Rs 200 crore to market its manufacturers.