Nykaa, India's first woman-led unicorn listing, saw a rise of 89% in fashion commerce company Nykaa.
FSN E-Commerce Ventures' shares opened at 2,018 Indian rupees ($27.2) and went up to 2,129 from the initial public offering price (1,125 per share on the higher end). In the public offering, the firm raised more than $721 million.
Nykaa was founded by Falguni Nayar (an ex-investment banker who helped founders to make stock market debuts), and has since built the largest ecommerce company for beauty and personal products in the country.
"I founded Nykaa when I was 50 years old, with no prior experience.
I hope that the Nykaa journey will inspire you all to be the Nykaa in your life.
Falguni Nayar ahead of #Nykaa listing pic.twitter.com/0nJTv9APES -- Chandra R. Srikanth (@chandrarsrikant) November 10, 2021
The firm is nine years old and counts Bollywood stars like Alia Bhatt, Katrina Kaif, TPG, and Steadview as its backers. It sells over 2,500 beauty and personal-care brands on its website, app, and in more than 80 brick and mortar stores.
Adwaita, Nayar's child, manages Nykaa's fashion business while Archit runs the beauty ecommerce company.
The Indian company, whose name refers to actresses or those in the spotlight, stated that it will use the capital it raised from the IPO for expansion of its brands and the establishment of new stores.