As per a report, the parent company of Nykaa, FSN E-Commerce Ventures, had a 2% drop in share price on Tuesday.
The decline caused the share price to drop below the 1,125 rupee issue price for the initial public offering (IPO).
On November 10, 2021, FSN E-Commerce Ventures made a splash on the stock market by surpassing Rs 1 lakh crore in market capitalization.
On the National Stock Exchange (NSE), Nykaa shares debuted for trading for Rs 2,018—a 79% increase over the company’s initial public offering price of Rs 1,125.
Nykaa is an Indian e-commerce company, founded by Falguni Nayar in 2012 and headquartered in Mumbai. It sells beauty, wellness and fashion products across websites, mobile apps and 100+ offline stores. In 2020, it became the first Indian unicorn startup headed by a woman.
Nykaa sells products which are manufactured in India as well as internationally. In 2015, the company expanded from online-only to an omnichannel model and began selling products apart from beauty. As of 2020, it retails over 2,000 brands and 200,000 products across its platforms.