AZB & Partners advised FSN E-commerce Ventures, which operates beauty brand Nykaa – and its promoter selling shareholder, Sanjay Nayar Family Trust – in its recent INR53.5 billion (USD718 million) IPO.
Cyril Amarchand Mangaldas (CAM) advised the lead managers on Indian law, while Trilegal advised the investor selling shareholders and other selling shareholders, which included TPG, Two Lighthouse entities, JM Financial, Yogesh Agencies & Investments Private, Sunil Kant Munjal, and Harindarpal Singh Banga jointly with Indra Banga and others. Sidley Austin was international counsel to the lead managers.
The deal closed on 1 November with the issue oversubscribed nearly 82 times. It was one of the first IPOs by an Indian unicorn in the e-commerce retail industry and comprised a fresh issue aggregating up to about INR6.3 billion, and an offer for sale of up to 41,972,660 equity shares by the selling shareholders.
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