Beauty shop IPO makes Indian tech listings blush

Nykaa is adding a shimmer to Indian tech listings. Former investment banker Falguni Nayar’s mostly online beauty store is growing fast by selling lipstick, epilators and sneakers to a loyal band of millennials in far-flung cities where it can often be tricky to find good products. The company ekes out a profit too. That stands it apart from money-losing compatriots Zomato, Paytm, and PolicyBazaar, which are all racing to debut in a red-hot market. And it makes Nykaa’s mooted up to $4.5 billion valuations for its initial public offering look less dolled up.

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