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.
Shark Tank’s Ashneer Grover should be thanking the HDFC staff for not lending him 500 crores to invest in nykaa 