Nykaa founder family’s wealth soars over $7.5 bn

TIL Desk/Business/Mumbai/ When shares of Nykaa’s parent FSN E-Commerce Ventures skyrocketed in debut trade on Wednesday, founder Falguni Nayar and family also saw their wealth surge to nearly $7 billion. And when the markets closed for trade, the wealth was well over $7.5 billion. The dream debut of Nykaa, in a market being flooded with initial share sales, sustained the momentum till the close of the trade as the scrip registered a staggering gain of over 96 per cent to end at Rs 2,206.70 apiece on the BSE.

To put things in perspective, the issue price of FSN E-Commerce was just Rs 1,125 apiece, and it got listed at Rs 2,001, a premium of 78 per cent on the BSE. During the day’s trade, the share price had almost doubled to Rs 2,248.10. On the NSE, the share debuted at Rs 2,018, a gain of over 79 per cent. The market valuation of Nykaa — in which Falguni Nayar and family owns over 54 per cent — stood at Rs 1,04,438.88 crore on the BSE.

The promoter and promoter group’s stake of 54.22 per cent translates to more than 2.53 crore shares or 2,53,365,357 shares to be precise. Based on the listing price of Rs 2,001, the stake was worth nearly Rs 50,700 crore or around $6.8 billion. And on the basis of the closing price, the shareholding is valued at over Rs 55,900 crore or more than $7.5 billion. The calculations are based on the exchange rate being a little over 74 against the US dollar. Founded by Falguni Nayar in 2012, the company has a diverse portfolio of beauty, personnel care, and fashion products, including its own manufactured brand products, under its two business verticals — Nykaa and Nykaa Fashion.