UBS initiates buy on Nykaa with a target of Rs 2750; more than 70 mutual funds raise stakes

FSN E-commerce Ventures, the parent of e-commerce beauty giant, Nykaa, which made a stellar stock market debut earlier in November, saw its first buy recommendations from a global brokerage firm post listing.

See Zee Business Live TV Streaming Below:

Data from Trendlyne showed that over 70 domestic mutual funds have raised stakes in Nykaa with 17 funds raising a stake by over 1 per cent.

Nykaa, the largest specialty beauty and personal care (BPC) Platform in India, is the first of its kind listing in the e-commerce space and thus garnered a lot of interest, validated from an IPO subscription of 82x.

Nykaa initial public offering (IPO) was subscribed 82 times on the last of the subscription on November 1, 2021. Of 2,64,85,479 shares on sale, a bidding for whooping 2,16,58,63,836 shares or 81.78 times were made on the final day of the subscription.  

Some of the funds, which increased their stake include names like ICICI Prudential Retirement Fund, SBI Consumption Opportunities, HDFC Infrastructure, SBI Retirement Benefit Fund, and HDFC Multi Asser Fund.

(Disclaimer: The views/suggestions/advices expressed here in this article is solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)