Shares of FSN E-commerce Ventures, a profit-making company that owns the Nykaa brand, rose 89.2% to Rs 2,129 after opening at Rs 2,018 in pre-open trade.
The first price was at a 79.4% premium over the initial public offering (IPO) of Rs 1,125, valuing the company at Rs 954.37 billion.
Falguni Nair, 58-year-old CEO and founder of Nykaa, is now the richest self-made female billionaire in the country. Nykaa is derived from the Sanskrit word meaning heroine.
Before the company’s Dalal Street debut, “I started Nykaa at the age of 50 without any experience. I hope the Nykaa journey can inspire each one of you to be the hero of your life.” Prior to being Nykaa, Nayar was an investment banker and was working as the Managing Director of Investment Banking at Kotak Mahindra Bank .
In 2012, people mainly bought beauty products from neighborhood stores. That’s when Nayar started providing a range of cosmetics and skincare items to Nykaa which was just a tap away.
Soon after, products from international brands and never heard of were introduced. Nykaa sells products from over 300 domestic and international brands – including luxury brands like Maybelline, Lakme, L’Oreal and MAC, Huda Beauty and Estee Lauder.