In April 2018, nykaa raised money from PE / Institutions at INR 3000 crore valuation. But for IPO listing in 2021, the valuation was way beyond INR 1 lakh crore. So the investors are sitting in a huge profit even at this price which is not very below IPO offering price of 1125 per share. So once Lock-in period ends investors will sell and pocket a huge profit. People who purchased in IPO and later are the bag holders.
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