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SEBI approves MamaEarth’s parent company for an IPO

The Securities and Exchange Board of India (SEBI) has approved Honasa Consumer Ltd., the parent company of direct-to-consumer brands like MamaEarth, The Derma Co., and BBlunt, for its initial public offering.

This is a welcome development, as many startups have struggled to get the go-ahead from the market regulator, or have postponed their initial public offering (IPO) plans.

December of last year saw the parent company of MamaEarth file its DRHP with SEBI. According to media reports from March, the company may have postponed its plan to list. However, the business headed by Varun Alagh and Ghazal rejected these reports.

Up to 46,819,635 equity shares held by investors would be offered for sale in addition to new funds totaling up to Rs 400 crore in the proposed IPO.

The two founders own 43.54% of the company collectively, according to the DRHP. The other major investors are Peak XV Partners (previously Sequoia Capital), Fireside Ventures, and Stellaris, with 20.94%, 15.01%, and 11.24% of the company, respectively.

Among the few successful businesses that have planned an initial public offering (IPO) in the last few years is MamaEarth.

In the first half of FY23 (H1 FY23), the Gurugram-based company reported operating income of Rs 722 crore, but it has not yet submitted its FY23 financial statements. Despite a 50.3% decline in profits to Rs 14.4 crore in FY22, the company reported a 2X increase in scale to Rs 943 crore.

 

 

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