Mamaearth father or mother receives Sebi nod for IPO

Gurgaon-based direct-to-consumer model Mamaearth’s father or mother firm has obtained the go-ahead from the Securities and Trade Board of India (Sebi) for its preliminary public providing (IPO).

The entity, Honasa Shopper Ltd, filed its draft purple herring prospectus with the market regulator in December 2022 for situation of contemporary shares value Rs 400 crore, along with an offer-for-sale (OFS) part for 46.82 million shares.

In accordance with the draft supply doc, the OFS will see some stakeholders promote their stakes partially.
These embrace founders Varun and Ghazal Alagh in addition to traders equivalent to Sofina, Hearth Ventures, Evolvence India, Stellaris and angel traders equivalent to Snapdeal founders Kunal Bahl and Rohit Bansal, Rishabh Mariwala of FMCG large Marico and actor Shilpa Shetty Kundra.

The corporate, which operates manufacturers equivalent to The Derma Co and BBlunt along with Mamaearth, was valued at $1.2 billion when it raised $52 million in January final yr in a spherical led by Peak XV Companions (then Sequoia Capital India). The enterprise capital agency is just not promoting its shares within the proposed IPO.

As per the supply doc, Honasa Shopper reported income from operations of Rs 722.73 crore throughout April-September 2022 with a revenue of Rs 3.67 crore. This compares to Rs 943.46 crore in operational income for the yr ended March 31, 2022, on internet revenue of Rs 14.43 crore.

Honasa Shopper had additionally stated it plans to make use of the proceeds from the itemizing for promoting bills, capital expenditure in organising new unique model retailers (EBOs), funding in its subsidiary BBlunt for opening new salons, and for common company functions and unidentified inorganic acquisitions. “Our Firm proposes to arrange 132 new EBOs throughout India,” it had stated. As of September 30 final yr, it had 35 such shops throughout the nation.

In addition to its offline shops, Mamaearth sells merchandise via its personal platform, marketplaces like Amazon, Flipkart and Nykaa in addition to offline grocery store shops.

Kotak Mahindra Capital Firm, Citigroup International Markets India, JM Monetary, and JP Morgan India are the bankers to the problem.

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