(Reuters) - Mytheresa’s shares jumped more than 37% in their U.S. market debut on Thursday, giving the German online luxury fashion retailer a market value of $3.08 billion. Mytheresa’s American depositary shares (ADS) opened at $35.85, well above their initial public offering (IPO) price of $26 apiece. The company had earlier targeted a price range of $16 to $18. The Munich-based company, which sells products from brands such as Alexander McQueen, Fendi and Gucci, offered 15.6 million ADS in its IPO, raising $406.8 million. The company was founded as a fashion store more than 30 years ago by Susanne and Christoph Botschen, who launched its online version in 2006 and sold the business to luxury department chain Neiman Marcus in 2014. The IPO comes at a time when restrictions to stop the spread of the COVID-19 pandemic have led to a boom in e-commerce, with online luxury retailers seeing a surge in sales. Mytheresa posted a net income of 6.4 million euros ($7.77 million) on net sales of 449.5 million euros ($545.42 million) in fiscal 2020. The platform had more than 486,000 active customers during the same period. (bit.ly/3c33Rcf) Some of the proceeds from the IPO will go towards repaying debt related to last year’s bankruptcy of former parent Neiman Marcus. Morgan Stanley & Co and J.P. Morgan Securities were the lead underwriters for the offering. ($1 = 0.8241 euros)