Shares of FSN E-Commerce Ventures, the company which owns the Nykaa brand, shares were listed on Dalal Street on Wednesday, November 10 with a huge premium of over 79 percent against the issue price of Rs 1,125 on Wednesday.

Nykaa shares opened for trading at Rs 2,018 on the National Stock Exchange, up 79 per cent from its issue price of Rs 1,125 per share.

On the BSE, Nykaa shares opened for trading at Rs 2,001, up 78 per cent from the issue price.

Nykaa shares rose nearly 89 per cent to hit an intraday high of Rs 2,129 on the NSE. With the surge in share price, Nykaa's market capitalization crossed Rs 1 lakh crore at the day's highest level.

The company's market valuation remained at Rs 97,754.06 crore on BSE. The initial share-sale of FSN E-Commerce was subscribed 81.78 times earlier this month. It received bids for 2,16,59,47,080 shares against 2,64,85,479 shares on offer and raised Rs 5,352 crore through the issue.

The Rs 5,352-crore IPO had a price range of Rs 1,085-1,125 per share.

The listing comes at a time when companies attempt to cash in on an Indian market that has scaled record highs on the back of a decline in COVID-19 cases, a reopening of the economy and ample liquidity. The company, which functions in two broad segments, namely beauty and personal care and apparel & accessories, was incorporated in 2012 and swiftly became a popular name among Indian consumers.

(With inputs from agencies)