E-Commerce Ventures, an operator of Nykaa beauty stores, has fixed the price band of Rs 1,085-Rs 1,125 for its maiden public share sale. The initial public offering (IPO) will remain open on October 28 and close on November 1.

The beauty startup will be valued at Rs 53,200 crore ($7 billion). Nykaa’s IPO will consist of fresh equity issuance of Rs 630 crore and secondary share sale of Rs 4,722 crore. More than a dozen entities are divesting their holdings in the IPO. Some of them include promoters Falguni Nayar and Sanjay Nayar (through Sanjay Nayar Family Trust), private equity firms TPG and Lighthouse.

The total issue size works out to Rs 5,352 crore. This will be the biggest IPO since online delivery firm Zomato’s Rs 9,375-crore offering in July.

Zomato’s successful IPO and encouraging post-listing performance have buoyed investor sentiment towards startups. Nykaa had filed its draft red herring prospectus (DRHP) with market regulator Sebi on August 2. The company has revised the new issue component upwards from Rs 525 crore to Rs 630 crore. The company has said it will spend Rs 234 crore “to acquire and retain customers by enhancing the visibility and awareness of our brands.” About Rs, 156 crores will be used for debt repayment, and Rs 84 crore will be used to set up new retail stores and warehouses.