The initial stake sale worth Rs 18,300 crore, which kicked off on Monday, was subscribed 18 per cent at the end of day one and 48 per cent on day two. It is the largest-ever IPO in Indian history.

The stock quoted a 52-week high of Rs 724.5 and a 52-week low of Rs 411.0.

A total of 12,013 shares changed hands on the counter till 12:33PM (IST).

According to an exchange filing, total income for the quarter under review jumped to Rs 9,327.37 crore from Rs 7,020.11 crore a year ago.

Barring the dollar-pegged USD Coin and Cardano, all other eight out of the top 10 cryptocurrencies were trading lower at 9.30 hours IST. Cardano jumped 3 per cent to become the fourth largest digital token by market cap.

In the spot market, highest purity gold was sold at Rs 48,217 per 10 grams while silver was priced at Rs 64,780 per kg on Tuesday, according to the Indian Bullion and Jewellers Association.

The Nifty Auto index was trading 0.62 per cent up at 11839.0.

The stock traded at a P/E multiple of 77.15, while the price-to-book value ratio stood at 4.74.

The IPO is valued at 42.6x FY21 earnings and 43.7x FY22 annualized earnings, which looks to be reasonably priced, said Reliance Securities.

“Whether Nykaa will go D-Mart way or the Zomato way is very difficult to say but out of x number of companies which are getting listed at crazy valuations, may be a few companies will eventually turn out to be big winners over the next two or three years like we have seen in the case of D-Mart. Nykaa has that kind of promise and potential. ”