Nykaa shares opened for trading at Rs 2,018 on the National Stock Exchange.

FSN Ecommerce Ventures, the parent of e-commerce beauty giant, Nykaa made a stellar stock market debut on Wednesday. Nykaa shares opened for trading at Rs 2,018 on the National Stock Exchange, up 79 per cent from its issue price of Rs 1,125 per share. On the BSE, Nykaa shares opened for trading at Rs 2,001, up 78 per cent from the issue price.

Nykaa’s three-day share sale via initial public offering (IPO), which closed on November 1, saw huge demand for shares as the offer was subscribed 82 times.

The IPO of FSN E-Commerce Ventures Limited received bids for 2,16,59,47,080 shares against 2,64,85,479 shares on offer and raised Rs 5,352 crore through the issue.

Nykaa’s IPO is the latest in a year which has seen over 40 companies list on the domestic stock exchanges, the highest amount since at least 2016, as firms attempt to cash in on a market that has scaled record highs on the back of a decline in COVID-19 cases, a re-opening of the economy and ample liquidity.

Launched in 2012, Nykaa grew popular by selling cosmetics and grooming products on its website, apps and through its physical stores, before expanding into fashion, pet care and household supplies. Its investors include film actresses Alia Bhatt and Katrina Kaif.