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Mamaearth’s Parent Company Honasa Sets IPO Date For 31 October With Ambitious Rs 10,500-Cr Valuation Target


Mamaearth’s Parent Company Honasa Sets IPO Date For 31 October With Ambitious Rs 10,500-Cr Valuation Target

Honasa Consumer, the parent company of brands such as Mamaearth, The Derma Co, and BBlunt, aims to issue one of the most anticipated IPOs in the Indian consumer category on 31 October, according to several industry sources.

The fast-growing D2C (direct-to-consumer) firm, which operates in the beauty, babycare, and skincare areas, was the first unicorn of 2022, receiving regulatory permission for the listing from Sebi in August after filing draft papers in December 2022.

As per reports, “There is a strong demand for the Honasa Consumer IPO which is scheduled for October 31 to November 2. The anchor portion will open on October 30. There is no plan for a pre-IPO round as of now.” 

Varun and Ghazal Alagh, a husband-and-wife team, co-founded Honasa Consumer in 2016. The company achieved unicorn status after receiving USD 52 million at a valuation of USD 1.2 billion in a fundraising round spearheaded by prominent VC firm Sequoia Capital in January 2022.

According to media sources, the company was trying to raise approximately Rs 1,700 crore through a mix of a fresh issuance and an offer-for-sale, with an estimated worth of approximately Rs 10,500 crore.

Kotak Mahindra Capital, JM Financial, Citi and JP Morgan are the investment banks working on the IPO and Cyril Amarchand Mangaldas, IndusLaw and Khaitan & Co are the legal advisors.

The Alaghs, Sofina Ventures SA, Evolvence, Fireside Ventures, Stellaris Venture Partners, Snapdeal founder Kunal Bahl, Bollywood actress Shilpa Shetty Kundra, Rishabh Harsh Mariwala, and Rohit Kumar Bansal are among the shareholders who will dilute their holdings, according to the DRHP (draught red herring prospectus). Sequoia Capital is not taking part in the OFS.

The net proceeds of the IPO will be used for advertising to increase brand visibility and awareness, opening new exclusive brand outlets, investing in BBlunt to open more salons, general business objectives, and inorganic expansion.

A competitor in the thriving D2C industry – Warburg Pincus funded boat – also filed for an IPO in January 2022. The audio-focused electronics company hopes to raise approximately Rs 2,000 crore.

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