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Shares of online fashion retailer Nykaa declined as much as 7 percent on Friday to fall further below its IPO price. The stock has declined over 10 percent during the last three trading sessions.

The stock is under selling pressure ahead of the mandatory lock-in period for pre-IPO investors ending on November 8-9.

Also Read: Nykaa offers five bonus shares for every one share held

As per the company's Red Herring Prospectus, 46.7 crore shares, or 98.5 percent of the total equity, were allotted pre-IPO. Promoters of the company currently hold a 52.37 percent stake or 24.85 crore shares. There are 21.8 crore shares or 46 percent of the total equity, which belong to non-promoter entities.

Nykaa's shares were listed on November 10, 2021, and have more than halved from their peak of Rs 2,574. The stock is also nearly 15 percent lower than its issue price of Rs 1,125.

The company is set to announce its earnings for the second quarter that ended September 2022 on November 1.

Nykaa recently appointed Rajesh Uppalapati as its Chief Technology Officer, replacing Sanjay Suri, who has been associated with the company since 2016. The new CTO has worked with Amazon for over two decades.

Also Read: Nomura expects Nykaa to take five years to reach its earlier peak

First Published:Oct 28, 2022 12:16 PM IST