Nykaa IPO - Subscription Day 2
The Rs.5,352 crore IPO of FSN E-Commerce Ventures (Nykaa), consisting of a fresh issue of Rs.630 crore and an offer for sale or OFS of Rs.4,722 crore, was already oversubscribed on Day-1 itself. As per the combined bid details put out by the BSE at the end of Day-2, FSN E-Commerce Ventures (Nykaa) IPO was subscribed 4.82X overall, with the demand coming almost equally from retail segment, HNI segment and QIB segment. The issue closes on 01st November.
As of close of 29th October, out of the 264.85 lakh shares on offer in the IPO, FSN E-Commerce Ventures (Nykaa) saw bids for 1,277.49 lakh shares. This implies an overall subscription of 4.82X. The granular break-up of subscriptions were equally distributed among the three major participants viz. retail, QIB and HNIs. QIB bids and NII bids typically gather momentum only on the last day of the IPO.
FSN E-Commerce Ventures (Nykaa) IPO Subscription Day-2
Qualified Institutional Buyers (QIB)
Non Institutional Investors (NII)
The QIB portion of the IPO was subscribed 4.72 times at the end of Day-2. On 27 October, FSN E-Commerce Ventures (Nykaa) did an anchor placement of 212.96 lakh shares at the upper end of the price band of Rs.1,125 to 174 anchor investors raising Rs.2,396 crore.
The list of QIB investors including a number of marquee names like Blackrock, Fidelity, Government of Singapore, ADIA, MAS, T Rowe Price, Aberdeen, Goldman Sachs, SBI MF, HDFC MF, ICICI Pru MF, Kotak MF, Tata MF; among others.
The QIB portion (net of anchor allocation as explained above) has a quota of 143.53 lakh shares of which it has got bids for 677.28 lakh shares, implying a subscription ratio of a healthy 4.72X for QIBs at the end of Day-2. QIB bids typically get bunched on the last day, but anchor response at 40 times does indicate good institutional interest.
HNI / NII Portion
The HNI portion got subscribed 4.17X (getting applications for 297.03 lakh shares against the quota of 71.30 lakh shares). This is a solid response on Day-2 considering that this segment normally sees response bunched on the last day. That is because, bulk of the funded applications and corporate applications, come in on the last day, so the actual picture should only get better.
The retail portion was subscribed a robust 6.32X at the end of Day-2, showing strong retail appetite. However, it must be noted that retail allocation is just 10% in this IPO. For retail investors; out of the 47.53 lakh shares on offer, valid bids were received for 300.22 lakh shares, which included bids for 235.23 lakh shares at the cut-off price. The IPO is priced in the band of (Rs.1,085-Rs1,125) and will close for subscription on 01st November 2021.
Nykaa IPO - Subscription Day 1
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