THE WHAT? Nykaa parent company FSN E-Commerce Ventures has fallen below its initial public offering issue price of 1,125 rupees, according to a report by Reuters.
THE DETAILS Shares of the Indian company fell as much of 2 percent this week.
On November 10, 2021, the beauty giant made a debut on the domestic bourses with a 79 per cent premium over its IPO price of Rs 1,125 and in the days to follow, the stock touched a 52-week high of 2,574 on the NSE, according to New Indian Express.
THE WHY? Nykaa’s fall is said to be in line with the drop of competitors, such as loss-making digital firms like Paytm, Zomato and Policybazaar. According to the New Indian Express, investors believe it will take years for these firms to break even and report a profit.
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