Ghazal Alagh, co-founder and chief innovation officer of Honasa Shopper Restricted (HCL), which owns manufacturers like Mamaearth and The Derma Co, celebrated its debut within the inventory market on Tuesday. The corporate’s IPO opened for bidding from October 31 to November 2 and comprised a recent difficulty of Rs 365 crore and an offer-for-sale (OFS) of as much as 4.12 crore fairness shares.
The IPO was subscribed total 7.6 instances on account of robust curiosity from institutional bidders. The quota for certified institutional bidders (QIBs) was booked at 11.50 instances, whereas the portion put aside for non-institutional traders noticed 4.02 instances bidding.
Strolling down reminiscence lane on the day of its market debut, Ghazal Alagh posted on X how she and her husband Varun Alagh began their journey from a small condominium and rose to the inventory alternate.
“The solar is shining somewhat brighter at present. From beginning up in small condominium to inventory alternate, it’s been a journey for @honasa_india. Thanks for believing in us. Collectively we’ll obtain rather more by persevering with to problem norms and rework industries. The longer term belongs to the resilient,” Ghazal posed on X.
On the finish of the primary day of buying and selling, Honasa Shopper’s shares closed 4.17 per cent larger at Rs 337.50 on the BSE towards the difficulty worth of Rs 324. Alternatively, it settled 4.10 per cent up at Rs 337.30 on the NSE. Honasa Shopper had mounted a worth vary of Rs 308-324 a share.
The Gurugram-based magnificence and private care firm’s IPO raised a complete Rs 1,701 crore, which included a recent difficulty of Rs 365 crore and an offer-for-sale (OFS) of as much as 4.12 crore fairness shares.
Beneath this, founders Alaghs and different traders Kunal Bahl, Shilpa Shetty, Rishabh Mariwala, offloaded their partial stakes.
On the IPO itemizing, Ghazal had posted: “We’re on a mission to construct a pure-play magnificence and private care firm out of India, which crafts manufacturers for India and takes them to the world. We’re at all times interested by how we are able to go away a legacy by way of our manufacturers constructed for India.”
Financials
As per the FY23 outcomes, the corporate had recorded a internet lack of Rs 142.8 crore in the course of the yr ended March FY23, in comparison with a revenue of Rs 15.7 crore within the earlier fiscal. In FY21, it had a lack of Rs 1,332.2 crore, which was as a result of change within the truthful valuation of choice shares.
The income for the corporate grew at a CAGR of 80 per cent over FY21-23 with a quantity progress of 102.28 per cent.
It has an adjusted EBITDA of three.4 per cent in FY23 with unfavorable working capital on account of an asset-light mannequin that permits it to speculate extra in advertising, expertise and product innovation.
By the top of FY23, Mamaearth had turn out to be the fastest-growing BPC model in India, attaining an annual income of Rs 1,000 crore inside six years of its launch.
Merchandise and scope
Honasa Shopper has a product portfolio within the child care, face care, physique care, hair care, color cosmetics and fragrances segments. The corporate operates six manufacturers — Mamaearth, The Derma Co, Bblunt, Ayuga, Aqualogica and Dr Sheth. Mamaearth is the flagship model, bringing within the highest income.
The corporate’s founders have beforehand recognized enlargement alternatives in precedence markets such because the United Arab Emirates, Nepal and Bangladesh, each organically and thru strategic acquisitions.
Additionally learn: Mamaearth shares disappoint at debut; Honasa Shopper debuts with 2% premium at Rs 330
Additionally learn: Mamaearth IPO: Analysts cautious on Honasa Shopper shares submit itemizing; right here’s what you are able to do now
