All you need to know about

FSN E–COMMERCE VENTURES LTD. (NYKAA)

Issue Details
Issue Amount : Upto ₹5,350 Cr
Post Issue Implied Market Cap: Upto ₹53,204 Cr at Upper band
Total shares on offer : Upto 47,575,326 Equity Shares
Face Value : ₹1 per share
Price Band : ₹1085 to ₹1125
Lot Size : 12 shares
Registrar : Link Intime India Private Limited

Source : BRLM

Offer Breakup
Category Allocation Issue size (Shares approx) Issue size ( ₹ in Cr)
Lower Band Upper Band Lower Band Upper Band

QIB 75% 35,648,908 35,493,996 3,867.91 3,993.07

NIB 15% 7,129,781 7,098,798 773.58 798.61

Retail 10% 4,753,187 4,732,532 515.72 532.41

Employee - 250,000 250,000 24.63 25.63

Total 100% 47,781,876 47,575,326 5,181.83 5,349.72

Source : BRLM.
IPO timeline `
IPO Open: `

28
Thursday, October 28, 2021

IPO Close:
Monday, November 1, 2021 OCTOBER

08 Nov. Finalization of 09 Nov. Refunds/Unblocking

2021 basis of allotment 2021 ASBA fund

10 Nov. Credit of equity 11 Nov. Trading

2021 shares to DP account 2021 commences

Source : BRLM. Dates are tentative

The objective of the offer

Investment in certain of its subsidiaries, namely, FSN Brands and/or Nykaa
Fashion for funding the set-up of new retail stores
Capital expenditure to be incurred by the company and investment in certain of
its subsidiaries, namely, Nykaa E-Retail, Nykaa Fashion and FSN Brands for
funding the set-up of new warehouses
Repayment or prepayment, in full or in part, of certain borrowings availed by the
company and one of its Subsidiaries, namely, Nykaa E-Retail
Expenditure to enhance the visibility and awareness of its brands
General corporate purposes

In addition to the objectives, the

company intends to strengthen its
capital base and expects to receive the
benefits of listing the Equity Shares
on the Stock Exchanges, including, `
among other things, creation of a
public market for its Equity Shares
in India.
Source : RHP
About the company
The company is a digitally native consumer technology platform, delivering a
content-led, lifestyle retail experience to consumers. Since its incorporation in 2012,
the company has invested both capital and creative energy towards designing a
differentiated journey of brand discovery for its consumers. It has a diverse portfolio
of beauty, personal care and fashion products, including its owned brand products
manufactured by the company. As a result, it has established itself not only as a
lifestyle retail platform, but also as a popular consumer brand. The company offers
consumers an Omnichannel experience with an endeavor to cater to the consumers’
preferences and convenience:

Online: Its online channels include mobile applications, websites and mobile sites. As
of August 31, 2021, it has cumulative downloads of 55.8 million across all its mobile
applications and during the five months ended August 31, 2021, 88.2% of the online
GMV came through its mobile applications. According to the RedSeer Report which
has been exclusively commissioned and paid for by the company in connection with
the offer, it has one of the highest share of mobile application-led transactions, among
the leading online retail platforms in India during Financial Year 2021 and the five
months ended August 31, 2021.

Offline: Its offline channel comprises 80 physical stores across 40 cities in India over
three different store formats as of August 31, 2021. Its physical stores offer a select
offering of products as well as a seamless experience across the physical and digital
worlds.

Its lifestyle portfolio spans across beauty, personal care and fashion products. It
believes that consumers have different journeys for different lifestyle needs, and this
has led to building business vertical-specific mobile applications, websites and
physical stores.These independent channels allow it to tailor its content and curation
optimally for the convenience of consumers and to cater to the different consumer
journeys that exist in these business verticals:
• Nykaa: Beauty and personal care
• Nykaa Fashion: Apparel and accessories

As of August 31, 2021, the company offered approximately 3.1 million SKUs from
4,078 national and international brands to its consumers across business verticals. In
the Financial Year 2021, the total GMV was ₹4,046 Cr, which grew 50.7% from the
Financial Year 2020.

Source : RHP
Strengths

1
3 2
`
`

One of India’s leading Preferred destination for Resilient, capital efficient

lifestyle focused luxury and prestige business with a
consumer technology products in India for combination of growth
platform consumers and profitability

Its proprietary Founder-led company

technology stack supported by a strong
management team

Source - RHP

Risks

Inability to manage the Failure to acquire new Business dependent

growth or execute its consumers or to do so upon the user behaviour
strategies effectively in a cost-effective & continued acceptance
manner of digital platforms
`

Pending litigations The company has

against the company & certain contingent
its subsidiaries liabilities

Source - RHP
Important Financial Data

As at As at As at As at As at
Particulars March 31, March 31,
June 30, June 30, March 31,
(in ₹ crore) 2020 2019
2021 2020 2021
Particulars
(in ₹ crore)
Total Assets 1,631.48 1,007.18 1,302.00 1,124.48 775.66

Revenue from 816.92 288.64 2,440.90 1,767.53 1,111.39

Operations

Revenue Growth 183.02 NA 38.10 59.03 NA

(%)

EBITDA 26.94 -45.34 161.43 81.05 20.51

Net Profit -22.99 -26.43

3.52 -52.13 61.65
for the period

Net Profit as
% to Revenue 0.43 -18.96 2.52 -1.30 2.38

Basic EPS
(₹) 0.08 -1.23 1.39 -0.39 -0.59

RONW
(%) NA 0.49 12.62 -5.16 -10.63

Source : RHP. RHP. Revenue growth for FY 19 and June 30, 2020 not known as FY 18 and June 30, 2019
numbers unavailable

Peer Comparison

There are no listed companies in India that engage in a business similar to that of
the Company. Accordingly, it is not possible to provide an industry comparison in
relation to the Company.
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In the FY 2021, the country’s stock exchanges (both NSE and BSE combined)
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Last 10 IPO Performances

IPO closing IPO Name Issue Size Retail Total Issue Price List Price Listing CMP as of Current Gains
Date (` in crs) Subscription Subscription (in ₹) (in ₹) Gains(%) 21-10-21 (%) 21-10-21
(in ₹)

01-Oct-21 Aditya Birla Sun Life AMC Limited 2,768 3.24 5.25 712 715 0.40 658.70 -7.50

23-Sept-21 Paras Defence and Space Technologies Ltd. 171 118.44 318.04 175 469 168.00 1089.40 522.50

16-Sept-21 Sansera Engineering Limited 1,283 3.15 11.47 744 811.5 9.10 775.05 4.20

03-Sept-21 Vijaya Diagnostic Centre Limited 1,894 1.09 4.54 531 540 1.70 572.35 7.80

03-Sept-21 Ami Organics Limited 570 13.42 64.59 610 910 49.20 1226.00 101.00

12-Aug-21 Aptus Value Housing Finance India Ltd. 2,780 1.35 17.20 353 333 -5.70 312.95 -11.30

12-Aug-21 Chemplast Sanmar Limited 3,850 2.34 2.21 541 550 1.70 675.95 24.90

11-Aug-21 Cartrade Tech Limited 2,999 2.75 20.29 1618 1599 -1.20 1275.50 -21.20

11-Aug-21 Nuvoco Vistas Corportion Limited 5,000 0.74 1.74 570 485 -14.90 519.70 -8.80

06-Aug-21 Devyani International Limited 1,838 39.52 116.71 90 140 55.60 122.90 36.60

Source : BRLM & Moneycontrol. Anchor portion excluded for subscription details.

For more details refer offer documents on sebi www.sebi.gov.in

The securities quoted are exemplary and are not recommendatory. Such representations are not indicative of future results.
Source of statistical information, charts, graphs etc – RHP, DRHP, addendum and Moneycontrol.

Investment in securities market are subject to market risks, read all the related documents carefully before investing.
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