Mamaearth IPO
Mamaearth IPO — date, price band, lot size & details 2023
Mamaearth listed on 7 Nov 2023 at ₹330, 1.9% above the ₹324 issue price.
Honasa Consumer runs six beauty and personal care brands, Mamaearth, The Derma Co., Aqualogica, Ayuga, BBlunt and Dr. Sheth's, plus BBlunt salons. Its total income was Rs 1,515.27 crore in FY2023.
Stock price
Mamaearth is listed — here is the live share price.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 14 November.
- Open 31 Oct 2023
- Close 02 Nov 2023
- Allotment 06 Nov 2023
- Refund/credit 06 Nov 2023
- Listing 07 Nov 2023
Issue summary
The terms of the offer, as filed.
| IPO Dates | 31 Oct to 2 Nov, 2023 |
|---|---|
| Price Band | ₹308 – ₹324 |
| Face Value | ₹10 |
| Lot Size | 46 Shares |
| Issue Size | ₹1701.44 Cr |
| Sale Type | Fresh capital cum OFS |
| Listing On | BSE, NSE |
| Employee Discount | Rs 30.00 per share |
| Registrar | KFin Technologies Limited |
| Min Investment | ₹ 14,904 |
Share of the offer set aside for each investor category, as stated in the offer document.
What will it cost me?
Bidding is in multiples of 46 shares at the ₹324 cut-off. Drag to size your application.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 46 | ₹14,904 |
| Retail (max) | 13 | 598 | ₹1,93,752 |
| S-HNI (min) | 14 | 644 | ₹2,08,656 |
| S-HNI (max) | 67 | 3,082 | ₹9,98,568 |
| B-HNI (min) | 68 | 3,128 | ₹10,13,472 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 5
- 01Total income rose from Rs 472.10 crore in FY2021 to Rs 1,515.27 crore in FY2023.
- 02Profit after tax was Rs 24.72 crore in the three months to 30 June 2023.
- 03Borrowing was negligible at Rs 6.79 crore on 30 June 2023, against net worth of Rs 638.26 crore.
- 04It runs 6 BPC brands across face, hair, body, baby care and cosmetics.
- 05Rs 365.05 crore of the issue was fresh capital, mainly for brand building.
Risks · 5
- 01The company made a loss of Rs 150.97 crore in FY2023, after a profit of Rs 14.44 crore in FY2022.
- 02With a loss in FY2023, the pre-issue P/E was negative, and the market value at Rs 324 was Rs 10,424.59 crore.
- 03Rs 1,336.39 crore of the Rs 1,701.44 crore issue was offer for sale, so most of the money went to selling shareholders.
- 04Beauty and personal care is crowded, and growth depends on heavy spending, with Rs 182.00 crore of the fresh money for advertising.
- 05Promoters and the promoter group held only 37.42% before the issue on a fully diluted basis, and the two promoters sold shares in the offer.
Three years of numbers
All figures in ₹ crore, as reported in the Mamaearth offer document.
| Metric | 30 Jun 2023 | 31 Mar 2023 | 31 Mar 2022 | 31 Mar 2021 |
|---|---|---|---|---|
| Assets | 1,048.03 | 966.42 | 1,035.01 | 302.64 |
| Total Income | 477.10 | 1,515.27 | 964.35 | 472.10 |
| Profit After Tax | 24.72 | -150.97 | 14.44 | -1,324.61 |
| NET Worth | 638.26 | 605.90 | 705.62 | -1,765.14 |
| Total Borrowing | 6.79 | 3.61 | 3.59 |
See how this IPO compares — view listing performance of all mainboard IPOs.
Valuation & key ratios
Ratios are for the latest full financial year reported in the Mamaearth RHP. EPS and P/E are post-issue — the table below carries the pre-issue comparison.
Mamaearth IPO Valuation
How the issue prices the company before and after the fresh shares are created.
| Valuation Metric | Pre-Issue | Post-Issue |
|---|---|---|
| EPS (₹) | ₹-4.86 | ₹3.07 |
| P/E Ratio (x) | -66.67 | 105.54 |
| Market Cap at Offer Price (₹ Cr) | ₹-1,648.00 | ₹2,608.89 |
Pre-issue figures use the shareholding reported in the RHP; post-issue figures use the shareholding once the fresh issue has created new shares. The two differ because of that dilution and because post-issue earnings per share are often annualised, so the change can run in either direction. Market capitalisation is calculated at the ₹324 offer price. Compare the post-issue P/E against listed peers before deciding — a premium there is growth you are paying for in advance.
Where the money goes
₹241.49 Cr of the issue is earmarked to named objects.
Mamaearth IPO Anchor Investors
49 anchor investors across 30 fund houses committed ₹765.18 Cr a day before the issue opened.
Anchor investors bid a day before the issue opens and are locked in after allotment, so a book weighted towards domestic mutual funds is generally read as a stronger signal than one filled by short-horizon funds. Browse every anchor investor scheme or fund house we track.
About the company
It has a portfolio of six BPC brands, Mamaearth, The Derma Co., Aqualogica, Ayuga, BBlunt and Dr. Sheth's, each with its own value proposition. Its products cover baby care, face care, body care, hair care, colour cosmetics and fragrances.
The product portfolio is supplemented by its professional salon chain, BBlunt Salons. Its promoters are Varun Alagh and Ghazal Alagh.
The IPO was Rs 1,701.44 crore, with Rs 365.05 crore of fresh issue and Rs 1,336.39 crore of offer for sale by the promoters, investors and other shareholders. Rs 182.00 crore was planned for advertising, Rs 20.60 crore for new exclusive brand outlets and Rs 26.00 crore for new BBlunt salons.
Interested in this IPO? Check the live subscription status or browse all upcoming mainboard IPOs.
The bankers & the filings
Who is running the book, and the documents this page is built from.
Mamaearth IPO Documents
Read the filings this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
JM Financial Ltd.
172 issues handledBest listing: Tata Technologies (+140.0%). Weakest: ACME Solar Holdings (-13.1%).
Kotak Mahindra Capital Company Limited
204 issues handledBest listing: Premier Energies (+120.0%). Weakest: Puravankara Projects (-22.5%).
JP Morgan India Pvt. Ltd
41 issues handledBest listing: Premier Energies (+120.0%). Weakest: Nuvoco Vistas Corporation (-14.9%).
Citigroup Global Markets India Pvt. Ltd
74 issues handledBest listing: Tata Technologies (+140.0%). Weakest: Puravankara Projects (-22.5%).
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Company contact
Frequently asked
What is the GMP of Mamaearth?
The current Grey Market Premium is ₹30, or 9% over the issue price.
What is the Mamaearth IPO price band?
₹308 to ₹324, on a face value of ₹10.
When is the allotment?
The basis of allotment is 6 November 2023, with listing on 7 November 2023.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — KFin Technologies Limited.
Every number here traces back to a filing.
IPO Guru tracks GMP, subscription and allotment for every Mainboard and SME issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
