Ahead of its initial public offering (IPO), lifestyle e-commerce firm Nykaa has converted into a public entity.

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The stakeholders of the company have passed a special resolution changing the status of the company from private to public, as per the regulatory filings. The company is now named FSN e-commerce Ventures Ltd.

The company is expected to file its Draft Red Herring Prospectus (DRHP) soon.

"The company is proposing to undertake an initial public offer of its equity shares of face value of Re 1 each by way of a fresh issuance of equity shares, out of the authorized share capital of the company and/or an offer of sale of such number of equity shares by certain of the existing and eligible shareholders of the company who have indicated their intent to participate in the offer for sale and the equity shares are proposed to be listed on one or more of the recognized stock exchanges in India," it said in the regulatory filing.

Adding, "In order to undertake the offer, the company is required to be converted from a private limited company to a public limited company, in accordance with the applicable laws."

Founded by former investment banker Falguni Nayar, Nykaa is expected to go public at a valuation of $4.5 billion. It is targeting to raise $700 million through the IPO.

Nykaa's website which logs 55 million monthly visits, lists over 1,200 brands ranging from makeup, skincare to health supplements, and hair dryers. In India, Nykaa has six warehouses across India, which receives over 13 million orders each month.

Entrackr reported about this development first.