Shares of Nykaa made a blockbuster opening valuing the company at around $13 billion in the latest startup listing. Shares of FSN E-Commerce Ventures, the parent company of the Nykaa brand, rose to 89.2 per cent to Rs 2,129. The debut cost was at a 79.4% per cent premium to the initial public offering (IPO) of Rs 1,125, providing the startup with a valuation of $12.86 billion.

The company’s offering last week drew bids was $32.55 billion as it was oversubscribed by nearly 82 times. Many Indian startups have already filed or are thinking to file an IPO, including Paytm, Oyo, Ola and Delhivery.