The Romeoville, Ill.-based company's initial public offering priced at $18 a share -- at the high end of an already raised projected price range. Shares recently were trading up $11.30 to $29.30.
On Tuesday, the company's estimated IPO price was lifted to a range of $17 to $18 from the previously projected $14 to $16.
Ulta is selling 7.7 million shares in the IPO, while investors are selling an additional 872,981. The company expects to receive $124.7 million in proceeds from the offering.
Ulta sells both high-end and mass-brand hair products, cosmetics and styling tools. As of early August, the company operated 211 stores in 26 states.
According to its registration statement, the company had $755.1 million in sales for the fiscal year ended Feb. 3, with net income of $22.5 million. Same-store sales, or sales at stores open at least a year, jumped 14.5% in the year.