Indian fashion e-commerce Nykaa makes stellar market debut

Fashion commerce firm Nykaa rose as much as 89% on its Indian market debut Wednesday, gaining a valuation of $13 billion in the nation’s first women-led unicorn listing.

Shares of FSN E-Commerce Ventures, which operates the Nykaa brand, opened at 2,018 ($27.2) Indian rupees and went as high as 2,129, up from its initial public offering price of 1,125 per share (on the higher end). The firm has raised more than $721 million in the public offering.

Founded by former investment banker Falguni Nayar, who in her previous role helped founders make stock market debuts, Nykaa has built what is now the largest e-commerce firm for beauty and personal care products in the country.

The nine-year-old firm, which counts Bollywood celebrities such as Alia Bhatt and Katrina Kaif as well as TPG and Steadview among its backers, operates over 2,500 beauty and personal care brands and sells them on its website, apps and more than 80 brick-and-mortar stores.

Nayar’s daughter Adwaita operates Nykaa’s fashion vertical, while son Archit runs the beauty e-commerce business.

The Indian firm, whose name means actress or one in the spotlight, has said it plans to deploy the capital it raises from the IPO to expand the number of brands it houses and set up new stores.