Falguni Nayar
Courtesy of Nykaa
Veteran investment banker-turned-entrepreneur Falguni Nayar, whose beauty retailer Nykaa is poised to launch its IPO, has become India’s newest billionaire. A pre-IPO private placement in June valued Nykaa at $2.3 billion, putting Nayar in the three comma club with an estimated net worth of $1.1 billion.
The listing, which could value the nine-year-old company at an estimated $4.5 billion or more, would be a huge windfall for Nayar, propelling the worth of her initial $2 million investment even further.
As per the draft red herring prospectus, which was filed with the stock market regulator this week, the company is seeking to raise $71 million through a fresh issue of shares and is also proposing to sell 43.11 million shares by existing shareholders (including Nayar). The IPO will result in a massive payoff for Nykaa’s early investors, such as consumer goods billionaire Harsh Mariwala and Hong Kong-based…