India’s Nykaa rocks capital markets

FSN E-Commerce Ventures, the parent company of online beauty and wellness brand Nykaa, made a strong stock market debut on Wednesday with its shares trading at a premium and its market capitalization crossing the one trillion rupee mark.

Nykaa opened at 2,018 rupees a share on the National Stock Exchange, a premium of 79% over its issue price of 1,125 rupees per share. On the Bombay Stock Exchange, the stock opened at 2,001 rupees, a 78% premium against the issue price. At the time of closing bell, the shares had risen 96% at 2,207 rupees apiece.

The strong debut has made its promoter Falguni Nayar, who owns a 54% stake in the company, the country’s richest self-made female billionaire. Nykaa also attained the rare distinction of becoming the first Indian unicorn to be led by a woman. Nayar is a former investment banker who took to entrepreneurship at the age of 50.

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