The Honasa Consumer initial public offering (IPO) was subscribed 7.61 times on the final day. Institutional investors showed strong interest, with bids of 22 crore shares against an offer of 2.8 crore shares. The IPO aims to raise Rs 1,701 crore through a combination of fresh issuance and share sales.
The startup had set a price band of Rs 308 to 324 with a face value of Rs 10. Investors, including Fidelity Funds, Abu Dhabi Investment Authority, Smallcap World Fund, Government Pension Fund Global, Carmignac Portfolio and Goldman Sachs, participated in the round.
Honasa’s IPO will test how the Indian startup market will react to its public listing. Co-founder Ghazal Alagh mentioned that Honasa Consumer plans to apply the same strategies used for Mamaearth to its other brands. The company also stated in its red herring prospectus that it will use some of the IPO proceeds for strategic acquisitions to expand its portfolio of brands.
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