• Mamaearth IPO includes fresh issue of equity shares up to ₹400 crore
Honasa Consumer Ltd, owner of popular brand Mamaearth, on Thursday filed its Draft Red Herring Prospectus (DRHP) with markets regulator Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering.
The company plans to raise funds by way of offering equity shares (face value of Rs 10 each) through a public issue. The Mamaearth IPO comprises a fresh issue of equity shares up to ₹400 crore and an offer for sale (OFS) of up to 46,819,635 equity shares by selling to shareholders.
The OFS includes - Up to 3,186,300 equity shares by Varun Alagh and up to 100,000 equity shares by Gazal Alagh Evolve India Fund III Limited, Fireside Ventures Investment Fund -I, Stellaris Venture Partners India I, among others.
Other shareholders who sold were Kunal Behl holding 777,672 equity shares, Rishabh Harsh Mariwala holding 477,300 equity shares, Rohit Kumar Bansal holding 777,672 equity shares and Shilpa Shetty Kundra holding 554,700 equity shares.
The Company proposes to utilize the net proceeds from the New Issue for - (i) advertising expenditure for increasing awareness and visibility of its brands amounting to ₹186 crore; (ii) capital expenditure for setting up of new EBO amounting to ` 34.23 crore; and (iii) investment of ₹27.52 crore in its subsidiary BBlunt for setting up new salons.
The Equity Shares to be offered through the Red Herring Prospectus are proposed to be listed on the BSE Limited (BSE) and the National Stock Exchange of India Limited (NSE).
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