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The shares of FSN E-commerce, the parent company of Nykaa, fell below the IPO listing price on Tuesday.

On Tuesday, the share price of Nykaa ended at Rs 1,110—down by 2.96% and below its IPO listing price of Rs 1,125. This development comes ahead of November 10 when the mandatory lock-in period for anchor investors in the company expires.

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Anchor investors in Nykaa include institutions such as Steadview Capital Mauritius, TPG Growth, and Lighthouse India Fund, along with high net-worth individuals such as Harindarapal Singh Banga, Narotam Sekhsaria, and Sunil Kant Munjal.

Went public in 2021, Nykaa was the only company from the Indian startup ecosystem that was trading well above its listing price as compared to the likes of Zomato, Policybazaar, Paytm, and Freshworks, which are now trading below their listing price.

It had a bumper listing last year, with a gain of as much as 80%. It reached a 52-week high of Rs 2,573 on November 26, 2021.

The share price of all the startups which went public last year are now trading well below their listing price—and the steepest drop has been in the case of Paytm. Its share price ended at Rs 656.90 on Tuesday, which is around 70% below the IPO listing price of Rs 2,150.

Recently, logistics company Delhivery also saw its share price under pressure following its business update on moderate demand for its services. The share price ended at Rs 382.90 on Tuesday, which is well below its IPO listing price of Rs 487. The company went public in May this year.