Nykaa and Policybazaar are set to file documents within a week for their initial share sales, with both issues proposing to raise Rs 11,000 crore between them at a time when consumer-focused companies are redefining the valuation leaderboard of India in excessive bumpers over- subscriptions.
“Primarily, it will be an offer for sale (OFS) by initial investors, and about 10 per cent of the offered size is a fresh issue. The company does not need funds as it has utilised only half of the $70 million it raised so far, and the balance is lying in cash,” said one of the persons quoted above. “The promoter would be selling only a small portion and will hold the majority stake after the IPO.”
