Indian cosmetics to fashion start-up Nykaa received bids for 40 times the number of shares it plans to sell to anchor investors in its initial public offering (IPO), a source with direct knowledge said on Wednesday, indicating strong interest in the sale.

Investment firm Blackrock Capital Group and asset manager Fidelity were among the top buyers in the 23.96 billion rupees ($319.68 million) sale of shares that FSN E-Commerce Ventures, the company which owns the Nykaa brand, offered to institutional investors, the source said, declining to be identified as the information was not public.

The share sale to anchor investors will close later on Wednesday.

Nykaa did not immediately respond to a request for comment.

FSN E-Commerce has priced its IPO at 1,085 rupees to 1,125 rupees per share, giving Nykaa a valuation of as much as $7.11 billion.

The company aims to raise nearly $500 million through a three-day IPO subscription from Oct. 28 to Nov 1. The IPO involves issuing new shares worth up to 5.25 billion rupees and offering up to 43.1 million existing shares.

Nykaa, whose investors include private equity firm TPG, Fidelity and Indian film actress Alia Bhatt, has said it will use the IPO proceeds to set up new retail stores, fund capital spending and repay debts.

The bookrunning lead managers for the IPO include BofA Securities, Morgan Stanley, Kotak Mahindra Capital, Citigroup, ICICI Securities and JM Financial.

By Sankalp Phartiyal; Editors: Euan Rocha and Mark Potter

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