Mumbai-based beauty and fashion startup Nykaa is planning to file for an initial public offering (IPO). The e-commerce company was founded by Falguni Nayar and is aiming to file its draft red herring prospectus, or DRHP, within the next few days, according to The Print. The startup is planning to sell just more than 10% of the equity and raise $400 million or more.

According to Times of India, Nykaa has changed its status from a private to a public company in preparation for its IPO. The nine-year-old firm is looking to raise $700-750 million at a valuation of $4.5 billion, the sources said.

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This comes days after food-delivery app Zomato made its stock-market debut. After the debut, Zomato’s shares have soared more than 75%.

In 2012, former investment banker Nayar founded Nykaa and it is now India’s top destination for beauty products. It also has its own chain of physical outlets.

A CB Insights report revealed that Nykaa was last valued at $1.2 billion. According to a Bloomberg report in January, a valuation of $4 billion or more was discussed by the startup and its investors and they anticipate its fast-growing revenue will be appealing to investors. 

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According to The Print, Nykaa has declined to comment on the timing of the IPO filling.

The news of Nykaa filing an IPO was first reported by Bloomberg and that the company is working with Kotak Mahindra Capital Co. and Morgan Stanley on a potential offering.