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Omnichannel fashion and beauty retailer Nykaa is planning a bonus issue of shares at its board meeting on October 3.

In a communication to the stock exchanges on Wednesday, FSN E-Commerce Ventures Private Limited, the parent company of Nykaa said, “We wish to inform you that a meeting of the Board of Directors of the Company will be held on Monday, October 03, 2022, to, interalia, consider and approve the issuance of Bonus Shares to the equity shareholders of the Company in the ratio, as it may deem fit and seeking shareholders’ approval by way of postal ballot and such other approval(s), as the Board may deem appropriate.”

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Nykaa is among the leading startups which went public last year and got listed on the stock exchanges on November 10, 2021. It had a very strong debut with more than 80% rise in share price as compared to its IPO price of Rs 1,125 per share.

However, post the listing there has been pressure on its stock price given the broader macroeconomic conditions and on Wednesday it closed at Rs 1277.35 per share.

For the first quarter of FY23, Nykaa reported a consolidated net profit after tax of Rs 5 crore which was a 42% growth from Rs 3.52 crore recorded in the year-ago period. On a sequential basis, the company’s net profit after tax slipped by 34% from Q4 FY2022.

The company reported revenue from operations of Rs 1,148.4 crore—up 40.58% from Q1 FY2022 at Rs 816.69 crore. Sequentially, revenue from operations grew by 17.8%, a quarter-on-quarter basis for Q1 FY 2023.