Shares of FSN E-Commerce Ventures Ltd associated with the e-commerce platform Nyka, were listed on Indian stock exchanges on Wednesday and its stock began its trade at Rs, 2,054 per share on the National Stock Exchange (NSE), almost double of the IPO’s issue price of Rs 1,125.
Nykaa shares are presently placed in the market at Rs 2,063 on the Bombay Stock Exchange (BSE) and with the market capitalisation on the positive side of Rs 1 lakh crore.
The initial public offering (IPO) of FSN E-Commerce Ventures Ltd was reportedly subscribed 81.78 times during the last day of its subscription due to the heavy interest of institutional investors of Nykaa products and the price range was placed between Rs 1,085-1,125 per share.
Nykaa’s IPO began for subscription on October 28 and ended on November 1. The IPO comprised equity shares of a total of Rs 630 crore as a fresh issue. Stock market experts suggest Nyka’s public issue perfect for a long-term subscription.
Proceeds from the expansion will be used for the establishment of new retail stores, warehouses and also repayment of some of the company’s debts.
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