Gazal Alagh, a judge on Shark Tank India, plans to launch an initial public offering (IPO) for his company Mamaearth, the flagship of Honasa Consumer, a beauty and personal care company, to earn at least $300 million this year and is aiming for a valuation of about $3 billion. On December 30, the company submitted a draught of its IPO papers.With a fresh issue of Rs 400 crore and an offer-for-sale (OFS) of 46.8 million shares, Honasa has submitted a DRHP to SEBI for an IPO that could raise up to Rs 2,900 crore.
When the company raised $52 million in a capital round led by Sequoia in January 2022, it was valued at $1.2 billion. A year later, Honasa is aiming for a $3 billion valuation through its IPO. The valuation goal exceeds 1,000 times the company’s earnings. The company added five more brands to its portfolio after launching Mamaearth in 2016 including The Derma Co, Aqualogica, Ayuga, BBlunt, and Dr. Sheth’s. Additionally, they developed the “House of Brands” architecture.
Products in the baby care, face care, body care, hair care, colour cosmetics, and fragrances divisions are included in their portfolio of brands as of September 30, 2022. The issue’s book-running lead managers are JM Financial, Citigroup Global Markets India, Kotak Mahindra Capital Company, and JP Morgan India Pvt Ltd.According to the draught red herring prospectus, the IPO consists of a fresh issue of equity shares worth Rs 400 crore and an offer-for-sale (OFS) component of 4,68,19,635 equity shares by promoters, investors, and other selling shareholders (DRHP).
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