Fashion e-commerce upstart Nykaa, which is among a slew of first generation Indian startups making public market debuts, has opened strongly on its very first stock market outing. At the opening bell, shares were up by as much as 80%, as the share price continues to reflect the strong IPO reception it received. The shares were trading at ₹2018.00, way above the ₹1125 per share price mark set by the company in its IPO.

Nykaa is the second high profile, heavily funded startup making public markets debut, after Zomato a couple of months back. The fashion-only e-commerce platform saw strong subscription numbers on the opening day of its IPO itself, as investors remain buoyant about Nykaa’s hybrid business model.

While the company runs its flagship e-commerce platform, it has also gradually built a whole gamut of its own fashion brands, that have slowly but steadily penetrated into popular offline retails shelves.

The IPO had seen a tremendous response to its IPO, with 81.78 times oversubscription, receiving bids for 216.59 crore equity shares against offer size of 2.64 crore equity shares. Qualified institutional buyers had put in bids 91.18 times the portion set aside for them, and non-institutional investors’ reserved portion was subscribed 112.02 times. A part set aside for retail investors was subscribed 12.24 times and that of employees saw 1.88 times subscription.

Nykaa shares were available at a price of Rs 1,725-1,825 in the grey market, resulting into a premium of Rs 600-700 or 53.3-62.2 percent over the final IPO price of Rs 1,125 per share, the IPO Watch and IPO Central data showed.