New Delhi: Shares of FSN E-Commerce Ventures, which runs online marketplace for beauty and wellness products Nykaa, listed with a huge premium of over 79 per cent against the issue price of Rs 1,125 on Wednesday.
The stock debuted at Rs 2,001, reflecting a jump of 77.86 per cent on the BSE. It then zoomed 89.24 per cent to Rs 2,129.
On NSE, it listed at Rs 2,018, a premium of 79.37 per cent.
The company's market valuation remained at Rs 97,754.06 crore on BSE.
The initial share-sale of FSN E-Commerce Ventures was subscribed 81.78 times earlier this month.
The Rs 5,352-crore IPO had a price range of Rs 1,085-1,125 per share.
The company has a diverse portfolio of beauty, personnel care and fashion products, including its owned manufactured brand products, under its two business verticals -- Nykaa and Nykaa Fashion.
The company's founder, Falguni Nayar's net worth trippled, making her the country's newest self-made billionaire in an ongoing IPO boom.
Investment banker Nayar turned entrepreneur at 50 with the launch of the e-commerce platform in 2012, selling beauty and personal care products via its mobile app and website.
"I hope the Nykaa journey -- an Indian-born, Indian-owned and Indian-managed dream-come-true -- can inspire each of you," Nayar said at the listing ceremony on Wednesday.
Nykaa (the Sanskrit word for actress) quickly became popular with young tech-savvy Indians -- predominantly women -- who preferred the wide selection of brands compared with what was on offer at their local shops.
"The best part about Nykaa is that it lets me access so many global brands that had never been sold in India before," 30-year-old loyal customer Sanaeya told AFP. "They have everything from major luxury brands to smaller niche ones and even lesser-known Korean skin care products. I always find something new there," she added.
Endorsements from social media influencers and celebrities -- Bollywood actress Katrina Kaif has invested in the firm -- helped cement Nykaa's popularity as it battles giants such as Amazon and Flipkart.
Nykaa has also manufactured its own in-house brand of products since 2015 and recently began selling clothes and household products. It has a growing high street presence with 80 stores across 40 Indian cities.
Nykaa expects India's beauty and personal care market to nearly double in size from 2020 to 2025, reaching nearly 2 trillion rupees.
