Baby Bunting's first day out on the Australian stock market was a big success, delivering a windfall for the infant retailer's founders and chief executive.
The stock leapt to $1.965 when it hit the boards at 1100 AEDT on Wednesday, about 40 per cent above its issue price of $1.40.
Investor appetite drove the shares to a high of $2.02 in early trade before settling back to close at $1.83.
The impressive debut comes after the Bunnings-style, one-stop baby shop chain raised nearly $52 million from its initial public offering, which closed heavily oversubscribed.
Chief executive Matt Spencer said he was pleased with what he considered to be a strong investor endorsement of the chain's growth potential.
"It's a milestone for our company. It starts off a new phase for our business as we take the company from our current network of 33 stores to more than 70 stores in the coming years," he told AAP.
Australia's largest baby goods retailer aims to add four to eight stores around the country each year, with a focus on organic expansion rather than acquisitions.
"We've identified more than 70 trade locations for us to put our stores in Australia in the coming years," Mr Spencer said.
"We're only part way through the journey of growth."
Baby Bunting is the biggest player in Australia's $2.3 billion infant retail sector, with an estimated 10 per cent share of the market.
It posted sales of $180 million in the 2014/2015 financial year and is forecasting sales growth to $218.6 million, and underlying earnings of $16.3 million, in 2015/16.
Arnold and Gail Nadelman, who opened the first store in Melbourne in 1970, retain a 6.1 per cent stake in the company after selling seven million shares.
The Nadelmans made a profit of $3.3 million on the company's market debut, taking the value of their stake to $14 million.
Mr Spencer also cleaned up, with a gain of just over $1 million on his stake, to almost $4.6 million.
Private equity firm TDM Asset Management remains the largest shareholder with a 29.4 per cent stake, now worth $67.5 million.
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