Falguni Nayar, the online retailer founder and CEO, said the two companies would together build a multi-brand beauty retail business with Nykaa holding a 55% stake of the entity.
Nayar joined the rarefied ranks of self-made billionaire women this week as Nykaa went public and saw shares rise 96% on its first day of trading. Nayar's wealth is now almost $7 bn.
The sale received bids for 34.7 million shares against 26.5 million offered. Anchor investors bid 60 times more than the shares on offer for their category.
Nayar, a former investment banker, owns about half of the company with her husband and children. If the Nykaa IPO goes as planned, the value of their stake could exceed $2 bn.
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