Aditya Hadi Pratama · · 1 min readMamaearth parent firm to raise $48m via IPO
Honasa Consumer, the parent company of babycare brand Mamaearth, has filed a draft prospectus with the Securities and Exchange Board of India for an IPO, The Economic Times reported.
Through the public listing, the firm will issue around US$48.3 million worth of new shares.
It will also put 46.8 million existing shares in an offer-for-sale (OFS) scheme. Investors participating in the scheme include co-founders Varun Alagh and Ghazal Alagh, as well as investors Sofina, Fireside Ventures, Evolvence India, and Stellaris, among others.
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Founded in 2016, Honasa Consumer operates several brands, such as Mamaearth, The Derma Co, and BBlunt. It operates in India, Nepal, Bangladesh, and Sri Lanka.
In January, the company raised US$52 million in a Sequoia Capital-led funding round that put its valuation at US$1.2 billion. Sequoia Capital is not set to join the OFS deal in the IPO proposal.
According to the prospectus, Honasa Consumer posted US$87.3 million in revenue for the financial year ended in September this year, down 23% from US$114 million in the previous period. Its net profit also fell 72% from US$1.6 million to US$450,000 in the September financial year.
Currency converted from Indian rupee to US dollar: US$1 = 82.78 rupees.
Editing by Miguel Cordon and Jaclyn Tiu
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