MUMBAI (Reuters) - Indian startup FSN E-Commerce Ventures, which runs beauty company Nykaa, has priced its initial public offering (IPO) at 1,085 rupees to 1,125 rupees per share, giving it a valuation of as much as $7.11 billion. The company aims to raise nearly $500 million through a three-day IPO subscription starting from Oct. 28 to Nov 1. The IPO involves issuing new shares worth up to 5.25 billion Indian rupees ($70.13 million) and offering up to 43.1 million of its existing shares. The company’s investors include private equity firm TPG, Fidelity and Indian film actress Alia Bhatt. Nykaa will use the IPO proceeds to set up new retail stores, fund capital spending and repay debts, according to the prospectus. The bookrunning lead managers for the IPO include BofA Securities, Morgan Stanley, Kotak Mahindra Capital, Citigroup, ICICI Securities and JM Financial. Earlier this year, food-delivery firm Zomato Ltd made a stellar stock market debut. Other Indian startups to enter the market include Paytm, which is backed by Berkshire Hathaway Inc-backed, and hospitality company Oyo Hotels and ride-hailing firm Ola, which are both backed by SoftBank. ($1 = 74.8600 Indian rupees) Reporting by Nupur Anand; Editing by Edmund Blair Our Standards: The Thomson Reuters Trust Principles.