Harindarpal Singh Banga, one of Nykaa’s pre-IPO investors, is set to divest up to 1.4% of his stake in the beauty and personal care platform, CNBC-TV18 reported. The shares will be sold at a floor price of ₹198 each, representing a 5.7% discount to Nykaa’s last traded price as of Thursday.
Banga, who held a 6.4% stake in FSN E-commerce Ventures (Nykaa) at the end of the June quarter, owns approximately 18.28 crore shares. Following the sale, there will be a 45-day lock-in period before any additional shares can be sold.
Commodities billionaire Banga, chairman of Caravel Group, is listed among the top 50 richest individuals in Hong Kong with a net worth of $2.9 billion as of August 2024, according to Forbes.
Other notable pre-IPO investors in Nykaa include Narotam Sekhsaria, Sunil Kant Munjal, Mala Gaonkar, Steadview Capital, and TPG Growth.
Earlier this week, Nykaa’s stock surged by 19%, marking its largest single-day gain since November 2022, and reaching a new 52-week high. Despite a year-to-date increase of 22%, Nykaa’s shares remain 46% below their listing price. The company’s annual general meeting is scheduled for September 18.
For the quarter ending June 30, Nykaa reported a net profit of ₹13.6 crore, up 152% from the previous year, and an operating revenue of ₹1,746 crore, a 23% year-over-year increase.
