E.L.F Beauty debuted on the New York Stock Exchange on Thursday with its first IPO, a move which saw shares of the company jump 59 percent to $27.09 per share, well over the targeted $14-$16 range.

Interest in the Calfornia-based company saw investors falling over themselves to take a slice of the E.L.F pie, which has been backed by private equity firm TPG since 2014. Should the stock hold its gains in the 180 day lockout period, TPG will receive a hefty return.

E.L.F is said to have raised the most funds – $142 million – of the four IPOs that have been registered in the global cosmetics and personal care sector.