Nykaa Market cap crossed 1 lakh crore
Nykaa Market cap crossed 1 lakh crore

Nykaa’s parent company, FSN Ecommerce Ventures, had a stellar stock market debut on Wednesday when its market capitalization crossed ₹ 1 lakh crore.

On the National Stock Exchange, Nykaa shares opened at ₹ 2,018 per share, up 79 percent from their issue price of ₹ 1,125. Nykaa’s shares rose 89 percent to an intraday high of ₹ 2,129 on the NSE. As a result of the surge in share price, Nykaa’s market capitalization crossed 1 lakh crore at the day’s peak.

82 times as many shares were subscribed to Nykaa’s three-day share sale via an initial public offering (IPO); which ended on November 1. FSN E-Commerce Ventures Limited has issued * 5,352 crores through its IPO. The company received bids for 2,16,59,47,080 shares on offer and received bids for 2,64,85,479 shares on offer.

Nykaa’s IPO consisted of a fresh issue worth 630 crores and a sale worth 4,722 crores. The IPO’s upper price end cost *13,500 for a lot of 12 Nykaa shares.

See Also  Action will be taken against e-commerce companies buying fake reviews, new standard will be applicable from 25 November

More than 40 companies have been listed on domestic exchanges in the past year; including Nykaa. A decline in COVID-19 cases and ample liquidity have resulted in more companies seeking market gains than ever before.

Falguni Nayar, who is a former investment banker and Managing Director of Kotak Mahindra Capital, founded Nykaa. In addition to serving on the boards of Aviva Insurance and Dabur India, she is an independent member of the Tata Motors Board of Directors.

In 2012, Nykaa launched its website, apps, and stores to market cosmetics and grooming products. It began with fashion, pet supplies, and household items before expanding.

See Also  E-commerce company Amazon is planning to lay off 10,000 employees

The company is invested in by Alia Bhatt and Katrina Kaif.

Nykaa shares traded at 2,049 at 10:24 am, or 82 percent above the issue price.

Related Post – Fashion and Fitness expert Shweta Pal emerges as a desirable Influencer in Instagram

Advertisement -