Nykaa files a draft red herring prospectus (DRHP) for its initial public offering (IPO) with market regulator SEBI. The IPO will include shares of over Rs 525 crore and an offer of over Rs 4.3 crore shares by existing shareholders. Nykaa has reported a net profit of Rs 62 crore in FY21 and a revenue of Rs 2,453 crore. The issue size of Nykaa’s IPO is expected to be around Rs 4,000 crore.

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Nykaa sees a significant opportunity of around $152 billion in the beauty, personal care, and fashion industry by 2025. The beauty and personal care market in India is estimated to expand to about $28 billion by 2025, and the fashion market is estimated to grow to $124 billion. The beauty startup is restricted to the metro cities as its GMV sales in Tier 2, and Tier 3 cities increased from 56.9 per cent in FY19 to 64 per cent in FY21.