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Shares of Honasa Consumer, which owns the brand Mamaearth, were fully subscribed on Day 3 of its initial public offering. Data showed the company's public issue has so far been subscribed over 7 times, with retail investors at 1.13 times, non-institutional buyers 3.94 times, and qualified institutions at 11.50 times.
The public issue of the company which didn't see much traction in the first two days, was fully booked on the third day. The IPO includes a fresh equity issue of Rs 365 crore and an offer for sale of about 4.12 crore shares. Under the OFS, founders Varun Alagh and Ghazal Alagh along with investors Kunal Bahl, Shilpa Shetty, and Rishabh Mariwala will offload their partial stakes. The company operates six brands -- Mamaearth, The Derma Co., Aqualogica, Ayuga, BBlunt and Dr. Sheth's. Its product portfolio includes products in the baby care, face care, body care, hair care, colour cosmetics and fragrances segments. Mamaearth is however the flagship brand, generating the highest revenue. Proceeds from the listing will be used for advertising expenses, capital expenditure in setting up new exclusive brand outlets, investment in its subsidiary BBlunt for setting up new salons, and for general corporate purposes and "unidentified" inorganic acquisitions, it informed the market regulator SEBI in its draft red-herring prospectus. (ANI)
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