Beauty and personal care platform Nykaa’s parent firm FSN E Commerce Ventures Ltd had a bumper listing on the bourses. The company listed at over Rs 2,000 on the stock exchanges on Wednesday, marking an increase of over 70 per cent over the issue price of Rs 1,125 per share.
Nykaa’s stock went on to touch an intra-day high of Rs 2,248.10 apiece on Wednesday and finally closed at Rs 2,206.70 a share on BSE, up 96 per cent from the issue price, gaining over Rs 1,000, and 10.28 per cent up from the open price on the stock exchange. The company’s market cap crossed Rs 1 lakh crore on the opening day of trade itself.
“We expect the momentum to continue for 1-2 days and then stabilise,” said Santosh Meena, Head of Research, Swastika Investmart.
Company founder Falguni Nayar is a former investment banker who launched the firm in 2012. When the firm’s shares skyrocketed on Wednesday, Nayar and family also saw their wealth surge to nearly $7.5 billion.
She has become India’s wealthiest self-made female billionaire. “The listing has garnered a lot of interest, validated from IPO subscription of 82x. It is one of the few profitable new-age firms and is the first woman-led unicorn,” says Sneha Poddar, AVP Retail Research, Motilal Oswal Financial Services.
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