Nykaa hammered as another block deal launches after pre-IPO lockin expiry

1.84 crore shares of Nykaa or 0.65 percent of equity changes hands in block deal

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Ever since cosmetics and fashion retailer Nykaa’s bonus shares have hit demat accounts, pre-IPO investors have been offloading their stake in the company. Today, 1.84 crore shares or 0.65 percent of equity changed hands in a block deal.

The stock opened lower and was down two percent at Rs 179.70 on the National Stock Exchange at 9:20 am.

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On November 21, it was reported that private equity firm Lighthouse India will sell stake worth of Rs 320 crore in FSN E-Commerce Ventures Ltd, the owner of Nykaa, via a block deal. However, the buyer of shares today is not known.

The shares were offered at a price of around Rs 180-183.5 apiece, marking a discount of nearly two percent to the last closing price.

Lighthouse India has been selling Nykaa shares of late.

After pre-IPO lock-in expiry, the PE firm sold 96 lakh shares on November 10 at an average price of Rs 171.75.

On November 16, it sold another three crore shares at an average price of Rs 175.13.

Also Read: The biggest losers of Nykaa bonus issue are IPO retail investors

Other pre-IPO investors like TPG Growth, Narotam Sekhsaria, and Mala Gaonkar have also offloaded some stake. Meanwhile, Aberdeen Standard Asia Focus, Morgan Stanley, Norges Bank, and Canada Pension Plan Investment Board have been buyers.

Nykaa had notably posted strong results in the second quarter of the current fiscal, with net profit jumping to Rs 5.19 crore from Rs 1.17 crore clocked in the year-ago period.

Consolidated revenue from operations during the September quarter was Rs 1,230.8 crore, 39 percent up from a year ago.