Pre-IPO lock-in period ends: TPG Growth dumps worth Rs 202 cr Nykaa shares; Tiger Global sells 3.5% stake in PB Fintech

As the one-year mandatory pre-IPO investors lock-in period ends on Thursday for two new-gen companies FSN E-Commerce Ventures-owned Nykaa and PB Fintech, TPG Growth IV SF on Friday offloaded shares in the former and Tiger Global divested 3.5 per cent stake in the latter.

According to the block deal data available with the BSE, TPG Growth IV SF sold a total of 1,08,43,050 shares in two tranches, amounting to 2.28 per cent stake in the company. The shares were disposed of at an average price of Rs 186.4 apiece, taking the transaction value to Rs 202.11 crore.

Similarly, Tiger Global Management on Friday divested 3.5 per cent stake in Policybazar's parent firm PB Fintech for nearly Rs 606 crore through open market transactions.

Funds managed by Tiger Global -- Tiger Global Eight Holdings and Internet Fund III Pte -- sold a total of 1,60,56,422 shares, amounting to 3.57 per cent stake in the company, as per bulk deal data available with the National Stock Exchange (NSE) and BSE.

Meanwhile, Societe Generale and Morgan Stanley Asia (Singapore) Pte acquired the shares of Nykaa. However, buyer(s) of the shares could not be ascertained for PB Fintech.

As of September 2022, TPG Growth IV SF owned 2.28 per cent stake in Nykaa, shareholding data showed with the bourse.

As of quarter ended September, Tiger Global through its fund Tiger Global Eight Holdings owned 4.23 per cent and Internet Fund III held 2.87 per cent stake in the company, shareholding data showed with the exchanges.

On Friday, FSN E-Commerce Ventures' shares closed 10.67 per cent higher at Rs 208 and shares of PB Fintech closed 6.95 per cent higher at Rs 399.90 on NSE and Rs 399.30 on BSE.

Since their listing, last year on November 10, 2021, Nykaa shares slumped over 47 per cent, while PolicyBazaar shares cracked by nearly 67 per cent. Both companies made a stock market debut in November last year.

With PTI Inputs