BharatPe co-founder Ashneer Grover, in a tweet directed at X (formerly known as Twitter), extended his congratulations to Mamaearth for the remarkable feat of their IPO becoming oversubscribed by a staggering 8 fold.
Taking to X, he tweeted, "Congrats @mamaearthindia @VarunAlagh @GhazalAlagh for IPO getting over-subscribed 8X !! And for proving all twitter IPO pundits / valuation experts wrong and shutting them up in style. Kudos ! Disclaimer - I applied in IPO quietly and handsomely - twitter pe diss karne se paise nahi bante - IPO subscribe karne se fir bhi ban sakte hai !"
The Honasa Consumer Ltd's initial public offering (IPO), which is the parent company of the D2C brand Mamaearth, commenced its subscription period on October 31 and is set to conclude on November 2. The IPO's issue size stands at Rs 1,701 crore, comprising a fresh issue of shares valued at Rs 365 crore and an offer for sale of 4.12 crore shares by promoters and investors.
Notably, the IPO involves the sale of 3,186,300 shares by Honasa's promoter, Varun Alagh, and a potential sale of up to 100,000 shares by his wife, Ghazal Alagh. As of day 2, the Mamaearth IPO has achieved a subscription rate of 70 percent. The retail investors portion garnered a 62 percent subscription rate, the Non-Institutional Investors (NII) portion secured a 9 percent subscription rate, the Qualified Institutional Buyers (QIB) portion reached 1.02 times subscription, and the employee portion was subscribed 3.19 times.