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 over $721 million in the public offering.
Founded by a 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 p …
