NEW DELHI: The shares of FSN E-Commerce Ventures fell over 2.72 per cent to Rs 1113.10 a piece on Tuesday.
The price band of the parent company of Nykaa had opened in the range Rs 1,085-1,125 while the issue price of the IPO is 5,352 crore.
Nykaa on November 10 last year had made a bumper debut on the bourses with a massive 79 per cent premium.
The pre-IPO lock-in expires on November 10. JM Financial is of the view that around 67 per cent or 31.9 crore shares are likely to open for trade on the expiry day.
JM Financial has a buy rating on Nykaa with a target price of Rs 1,780, implying an upside of 41 per cent from the current price of Rs 1,260.25. ICICI Securities had maintained 'holding' rating on the scrip in one of its reports.
It said, "Nykaa's Q4FY22 (the second quarter of the financial year 2021-2022) revenue performance was in line with our estimate. We like the higher investments in growing new businesses with resilient BPC margins," ICICI Securities said in a report.
The book-running lead managers for the initial public offer (IPO) include BofA Securities, Morgan Stanley, Kotak Mahindra Capital, Citigroup, ICICI Securities and JM Financial.
Nykaa, one of the upcoming stocks with a good brand promoted by various actors, was listed on Indian stock exchanges recently and among the best-performing ones as it had nearly doubled on listing day in November last year.
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