Jewellery retailer, Lovisa, has enjoyed a sparkling debut on the share market.

Shares in the company, established by retail millionaire Brett Blundy, hit the market at 1200 AEDT at $2.12 each, up from the $2.00 new shares were issued for in the company’s public offer.

By 1300 AEDT the shares were trading at $2.05, giving Lovisa a market value of $215 million.

Lovisa was established in 2010 by Blundy and its CEO Shane Fallscheer, and in just a year had 51 stores.

Lovisa now operates 208 stores in Australia, New Zealand, Singapore, Malaysia, South Africa, and the United Arab Emirates, and made a proforma net profit of $7.3 million in the year to October.

That is forecast to increase to $16.4 million in the current year, as new stores open and like for like sales grow.

Lovisa said it had listed on the share market to improve the company’s credibility in dealing with international suppliers, helping its growth plans, and to increase its public profile.

AAP