The stock started trading at a premium of over 82% at ₹2,054 per share on the NSE as compared to its IPO issue price of ₹1,125 apiece.
The initial public offering of FSN E-Commerce Ventures Ltd, which runs an online marketplace for beauty and wellness products Nykaa, was subscribed 81.78 times on the last day of subscription, mainly helped by huge interest from institutional investors.
The IPO comprised of equity shares aggregating up to ₹630 crore of up to 41,972,660 equity shares by promoters or existing shareholders.
Founded in 2012 by former investment banker Falguni Nayar, as of August 31, 2021, Nykaa had cumulative downloads of 55.8 million across all their mobile applications.
Nykaa said it plans to use the proceeds from the IPO for expansion, by setting up new retail stores and establishing new warehouses.