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India’s Nykaa Files to Go Public as Country’s Startups Surge

  • Beauty firm IPO will include new and existing shares
  • The startup is seeking a valuation of $4 billion or more
Bottles of Nykaa branded nail enamel.
Photographer: Anindito Mukherjee/Bloomberg

Nykaa, an Indian e-commerce startup for beauty products, filed preliminary documents for an initial public offering in another sign of the booming interest in the country’s technology industry.

FSN E-Commerce Ventures Ltd., the formal entity that operates Nykaa, said it would raise as much as 5.25 billion rupees ($70.6 million) by selling new equity in the offering, according to a copy of its draft red herring prospectus. In addition, existing shareholders will sell as many as 43.1 million shares.