E.l.f. Beauty debuts on New York Stock Exchange

E.l.f. Beauty has made its debut on the New York Stock Exchange with an initial public offering (IPO).

This move saw the value of its shares increase by 59% to $27.09 per share, which is above the target range of $14 to $16, reported Globalcosmeticsnews.com. This has valued the discount–based cosmetic company at over $1bn.

With a product portfolio including eye, lip, and face beauty products, E.l.f. Beauty sells at a lower price compared to branded cosmetics ar around $6 or less. Its products are also available in the department and specialty stores.

E.l.f. Beauty has been backed by private equity firm TPG since 2014.

Besides Target, its oldest retail customer, the company's products are stocked in the outlets of Gap's Old Navy, CVS Health Corp, and Wal-Mart stores.

E.l.f. also has nine stores in New York and intends to open more across the US.