Nykaa Stock Surges 8% as Pre-IPO Investor Sells 1.43% Stake in Block Deal

Nykaa Stock Surges 8%: On August 23, Nykaa’s parent company FSN E-commerce 4.09 crore shares, or 1.43% changed hands in a block deal.

Harindarpal Singh Banga, who invested in the company before its IPO, was most likely the seller.

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Shares of the beauty and personal care platform went up by 6.5% after the block deals. At 1:17 p.m. Nykaa shares were trading on the NSE over 8% higher at Rs 228.

On August 22,  CNBC-TV18 reported that Harindarpal Singh Banga, one of Nykaa’s pre-IPO investors, was expecting to sell up to 1.4% of the company at a floor price of Rs 198 per share.

As of the end of the June quarter, Harindarpal Singh owned 18.28 crore shares of Nykaa’s parent company, FSN E-commerce Ventures.

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CNBC-TV18 also reported that after this block deal, there will be no more stake sales for 45 days.

Forbes Magazine reports that  Harindarpal Singh Banga is one of the 50 richest people in Hong Kong and is the head of the Caravel Group. He is a commodities billionaire and has a net worth of $2.9 billion as of August 2024.

Nykaa’s parent company FSN E-commerce pre-IPO investors include Narotam Sekhsaria, Sunil Kant Munjal, Mala Gaonkar, Steadview Capital, and TPG Growth.

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