Shares of Nykaa operator FSN E-Commerce Ventures soared to day's high of Rs 2,235 per share on the BSE in Wednesday's intraday trade after making a strong debut on bourses today.

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Nykaa stocks were listed on the Bombay Stock Exchange (BSE) at Rs 2,001 apiece and Rs 2,018 per share on the National Stock Exchange (NSE) on Wednesday. The company has fixed an issue price of Rs 1125 per share.  

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Nykaa shares surged as much as 99 per cent to hit an intraday high of Rs 2,235 on both BSE and the NSE.

V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, had said today's trading activity in the market is likely to be dominated by the listing and trading in Nykaa.

Earlier, Nykaa initial public offering (IPO) was subscribed 82 times on the last of the subscription on November 1, 2021. Of 2,64,85,479 shares on sale, a bidding for whooping 2,16,58,63,836 shares or 81.78 times were made on the final day of the subscription.  

The IPO saw maximum traction from Non-Institutional Investors (NIs). The three-day IPO of FSN E-Commerce Ventures Ltd, which runs online marketplace for beauty and wellness products Nykaa had opened on October 28 and closed on November 1.

The company plans to use the proceeds from fresh issue to invest in two subsidiaries and for establishing new retail stores. The company will also utilise the money towards repayment or prepayment, of outstanding borrowings availed by the company and one of their subsidiaries, namely, Nykaa E-Retail, according to the draft paper.

Founded by banker-turned-businesswoman Falguni Nayar, Nykka was incorporated in 2012. The company runs the beauty and personal care segment through the Nykaa vertical and apparel and accessories vertical through Nykaa Fashion.