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CPPIB, GIC, Blackrock pick up shares in Nykaa IPO anchor book – Mint


Major global institutional investors including Canada’s largest pension fund manager CPPIB and Singapore’s sovereign wealth fund GIC have picked up a large chunk of shares in the anchor book allotment for the Nykaa IPO (FSN E-Commerce Ventures Ltd), said two people aware of the development.

The anchor book allotment witnessed a strong demand of 40 times from institutional investors, said the first person cited above.

 “There was a very strong demand for the almost Rs2,400 crore anchor book. CPPIB, GIC, Blackrock and Fidelity are some of the major investors that participated in the anchor book,” he said.

Nykaa has fixed the price band of its initial public offering (IPO) at 1085-1125 a share. It is looking for a valuation of 52,574 crore (around $7.4 billion).

The issue will open for subscription on 28 October and close on 1 November.

The Nykaa IPO includes a primary issue of equity shares worth 630 crore, up from an 525 crore planed earlier, and an offer for sale (OFS) of up to 41.97 million shares by existing shareholders.

At the upper end of the price band, the firm hopes to raise around 5,352 crore. It plans to list on 11 November.

Investors in OFS who will sell their shares include Sanjay Nayar Family Trust, TPG Growth IV SF Pte, Lighthouse India Fund III, Yogesh Agencies and Investments, JM Financial and Investment Consultancy Services, Sunil Kant Munjal, Harindarpal Singh Banga jointly with Indra Banga, Narotam Sekhsaria, Rishabh Mariwala, Mala Gaonkar, Jeenoo Khakhar jointly with Kanika Khakhar and Isha Khakhar, Michael Carlos, Samina Hamied, Sanjay Maliah, Vikram Sud and Karan Swani.

Currently, Falguni Nayar Family Trust and Sanjay Nayar Family Trust hold 22.33% and 23.67% stake respectively in the firm.

Kotak Mahindra Capital, Morgan Stanley India, Bofa Securities, Citigroup Global Markets India, ICICI Securities, and JM Financial are managing the share sale.

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