Honasa Consumer (Mamaearth) IPO GMP, Subscription Status: Ashneer Grover on Thursday congratulated Mamaearth for the IPO getting oversubscribed 8 times and said he also applied for the Honasa Consumer IPO “quietly”. The initial public offering of Honasa Consumer, which owns new-age FMCG brands like Mamaearth and The Derma Co, closed on Thursday.
On the final day of bidding, the Rs 1,701-crore IPO has been subscribed 7.60 times, receiving bids for 21,97,73,878 shares against 2,88,99,514 shares on offer.
The category for non-institutional investors was subscribed 4.01 times, while the retail individual investors (RIIs) portion received 1.31 times subscription. The quota for qualified institutional buyers (QIBs) got subscribed 11.50 times.
Mamaearth IPO allotment will take place on November 7, and the listing is likely to take place on November 10.
Honasa Consumer IPO GMP Today
According to market observers, unlisted shares of Honasa Consumer Ltd remain Rs 6 higher in the grey market as compared to its issue price. The Rs 6 grey market premium or GMP is about 1.85 per cent higher than its upper issue price of Rs 330 per share. This means the grey market is expecting a 1.85 per cent listing gain from the public issue.
‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.
About Honasa Consumer IPO
The IPO has a fresh issue aggregating up to Rs 365 crore and an offer for sale (OFS) of up to 4,12,48,162 equity shares by promoters, investors, and other selling shareholders.
The offer comes with a price range of Rs 308-324 a share. Honasa Consumer on Monday announced that it has mobilised Rs 765 crore from anchor investors.
At the upper end of the price band, the IPO is expected to fetch Rs 1,701.44 crore. Those offering shares in the OFS include promoters — Varun Alagh and Ghazal Alagh — and investors like Fireside Ventures Fund, Sofina, Stellaris, Kunal Bahl, Rohit Kumar Bansal, Rishabh Harsh Mariwala and Bollywood actor Shilpa Shetty Kundra.
The Gurugram-based beauty and personal care company was founded in 2016 by the husband-wife duo Varun and Ghazal Alagh. It began with the launch of Mamaearth and over the years added five more brands to its portfolio, including The Derma Co, Aqualogica, Ayuga, BBlunt, and Dr Sheth’s, and built a ‘House of Brands’ architecture.
Kotak Mahindra Capital Company, Citigroup Global Markets India, JM Financial and J P Morgan India are the managers to the offer.
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