Ashneer Grover invests in Mamaearth IPO, congratulates skincare company for IPO response

On Thursday, November 2, BharatPe co-founder Ashneer Grover took to 'X' to congratulate Mamaearth for its IPO getting oversubscribed eight times. He also said that he had applied for the IPO of Honasa Consumer, Mamaearth's parent company, "quietly".
 
"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," Grover posted.

 
He also added a 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! (Dissing on Twitter doesn't make money, but subscribing to the IPO might!)”

Ashneer Grover's remarks come amid debates on the IPO's valuation, with the Rs 1,700-crore offering being considered "overvalued" at the proposed valuation of Rs 10,700 crore.

Mamaearth IPO

On the final or third day of bidding, the Rs 1,701-crore IPO has been subscribed 7.60 times, receiving bids for 21,97,73,878 shares against 2,88,99,514 shares on offer.
 
Non-institutional investors subscribed 4.01 times; retail individual investors (RIIs) subscribed 1.31 times; and qualified institutional buyers (QIBs) subscribed 11.50 times.

Allotment date

The beauty products company's allotment will take place on November 7, and the listing will happen on November 10.

Honasa Consumer (Mamaearth) business

The Gurugram-based beauty and personal care company was founded in 2016 by the husband-wife duo Varun and Ghazal Alagh. It began with the launch of Mamaearth, and, over the years, added five more brands to its portfolio, including The Derma Co., Aqualogica, Ayuga, BBlunt, and Dr Sheth's, and built a 'House of Brands' architecture. In January 2022, the company entered the unicorn club.