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Business News/ Companies / News/  Mamaearth issue to open on 31 October
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Mamaearth issue to open on 31 October

Mamaearth expects a valuation of $1.2-1.4 billion in IPO, less than previous target

Mamaearth founders Varun Alagh and Ghazal Alagh, who together own a 37.5% stake in the company, will sell 1% and 3% of their stakes, respectively.Premium
Mamaearth founders Varun Alagh and Ghazal Alagh, who together own a 37.5% stake in the company, will sell 1% and 3% of their stakes, respectively.

Mumbai: Honasa Consumer, which operates Mamaearth, will launch its three-day initial public offering (IPO) on 31 October, according to its draft prospectus issued on Tuesday.

Mamaearth is looking to raise 365 crore in primary capital, and offer 41,248,162 equity shares for sale, it said.

Existing investors Fireside Ventures, Stellaris Venture Partners, Sofina Ventures, as well as high net-worth individuals Kunal Bahl, Rishab Mariwala, Rohit Bansal, and Shilpa Shetty will be selling some of their shares through the IPO.

Mint reported on 20 October that Mamaearth was aiming for a pre-Diwali listing. (Diwali is on 10 November.) It is expecting a valuation of $1.2 billion to $1.4 billion, less than half of what it had once aimed for before the funding winter in 2021. Citigroup Global Markets India, Kotak Mahindra Capital, JM Financial, and JP Morgan India are managing the IPO.

As per the red herring prospectus, for the quarter ended 30 June, the company’s revenues was around 477.09 crore. For the financial year ended 31 March, the company’s revenues were 1515.26 crore as against 964.3 crore in FY22. The company made a loss of 150.9 crore for the financial year ended 31 March. For the quarter ended 30 June the company turned in a profit of 24.7 crore.

Its founders, Varun and Ghazal Alagh, who together own a 37.5% stake in the company, will sell 1% and 3% of their stakes, respectively.

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Published: 24 Oct 2023, 10:29 PM IST
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