Investment

Two family offices win big on stellar IPOs this week

Electric truck and SUV maker Rivian and e-commerce group Nykaa’s public listings this week made their founders billionaires – and two family office backers much better off as well as the bull market continues. 

Rivian’s initial public offering on the New York Stock Exchange on Wednesday saw its share price zoom up at one point to close to $120, before ending the day more than 22% up from the opening price. Also listed on Wednesday was the Indian health and beauty e-commerce group Nykaa, which debuted on the Mumbai Stock Exchange. 

Nykaa’s IPO valued the business at $13 billion, making its founder Falguni Nayar one of India’s wealthiest women. Rivian’s IPO valued the company at around $100 billion, making its founder Robert “RJ” Scaringe, who owns just 1.7% of Rivan, a billionaire. 

Hong Kong investment and holding group Caravel Group was an early backer of Nykaa and still has a minority shareholding in the Mumbai-based group. Owned by the Banga family, Caravel invested in Nykaa two years after it was founded in 2012. It’s unclear how much the Caravel still owns of the Nykaa, but its $1.6 million investment will be worth considerably more today. 

Rivian was backed by Cox Automotive, a division of the Atlanta-based Cox Enterprises, owned by the Cox family, in 2015, when it invested $350 million. The Cox family, through Cox Family Office, still own around 5% of Rivian, making their stake worth around $5 billion. 

Cox Family Office’s CEO Sandy Schwartz is a director on Rivian’s board. 

The bull markets continue to deliver, especially for the world’s wealthiest. 

Subscribe

You will need a Premium Plus Subscription to access this database.

Exclusive news, analysis and research on global family enterprise and private investment offices.

Access to the most comprehensive fully interactive database on global family offices, principal investment offices, and family enterprises.

Check Deal Data, Senior Staff, and New Analysis on more than 500 family/principal investment and holding groups

Already have an account? Login

Subscribe

You need at least a Premium Subscription to read this article.

The most comprehensive information service on the global family enterprise world, featuring exclusive news, analysis, research and data on global family enterprises, family offices, and private investment offices.

Premium

£299

per year

  • Exclusive reports, analysis and commentary
  • Exclusive access to family/private investment office deal information
  • Exclusive interviews with principals and senior management of family/investment offices
SUBSCRIBE NOW

Premium+

£399

per year

  • Access to All of Premium
  • Access to all of FamilyCapital Analytics, our interactive database with more than 500 detailed profiles of family investment groups

More Info

SUBSCRIBE NOW

Already have an account? Login

You've reached the end.

Continue reading free articles by registering as a Member.
Or choose a Premium Plan.

Membership

Free

  • Exclusive reports, analysis and commentary
REGISTER NOW

Premium

£299

per year

  • Exclusive reports, analysis and commentary
  • Exclusive access to family/private investment office deal information
  • Exclusive interviews with principals and senior management of family/investment offices
SUBSCRIBE NOW

Premium+

£399

per year

  • Access to All of Premium
  • Access to all of FamilyCapital Analytics, our interactive database with more than 500 detailed profiles of family investment groups

More Info

SUBSCRIBE NOW

Already have an account? Login

Leave a Reply