'Mamaearth founders proved all Twitter IPO pundits wrong,' says Ashneer Grover as IPO gets 8x subscription
Grover's reaction comes at a time when the Rs 1,700-crore initial public offering has been deemed as 'overvalued' at the asking valuation of Rs 10,700 crore
- Nov 2, 2023,
- Updated Nov 2, 2023 10:47 PM IST
BharatPe co-founder Ashneer Grover congratulated Ghazal and Varun Alagh, founders of Honasa Consumer Limited, parent firm of new age FMCG brands such as Mamaearth and The Derma Co for the IPO getting subscribed eight times.
"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," posted Grover on X platform (formerly Twitter).
His reaction comes at a time when the Rs 1,700-crore initial public offering has been deemed as 'overvalued' at the asking valuation of Rs 10,700 crore.
On Thursday, Day 3 and final day of subscription, the Mamaearth IPO sailed through on strong QIB demand. However, the retail portion was only subscribed 1.35 times, showing lack of interest from retail investors.
Qualified Institutional Buyers had subscribed 11 times for the IPO while Non Institutional Investors had subscribed four times.
In his X post, Grover said one can only make money by subscribing to an IPO instead of 'dissing' it on X/Twitter.
"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," added Grover.
Honasa Consumer had on Monday raised Rs 765.2 crore from anchor investors ahead of its IPO launch.
Anchor investors included FPIs such as Capital Group, Fidelity, Norges Bank, Abu Dhabi Investment Authority, White Oak, Franklin Templeton, and others. The company had also allocated shares worth Rs 253.61 crore to domestic mutual funds.
7 prominent mutual funds have been allocated 33.1% of the anchor allocation. 6 prominent insurance companies have been allocated 11.5% of anchor allocation.
Proceeds from the fresh issue would be utilised towards advertising expenses to improve awareness and brand visibility, setting up new exclusive brand outlets, investment in its subsidiary BBlunt for setting up new salons, general corporate purposes, and inorganic acquisition.
BharatPe co-founder Ashneer Grover congratulated Ghazal and Varun Alagh, founders of Honasa Consumer Limited, parent firm of new age FMCG brands such as Mamaearth and The Derma Co for the IPO getting subscribed eight times.
"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," posted Grover on X platform (formerly Twitter).
His reaction comes at a time when the Rs 1,700-crore initial public offering has been deemed as 'overvalued' at the asking valuation of Rs 10,700 crore.
On Thursday, Day 3 and final day of subscription, the Mamaearth IPO sailed through on strong QIB demand. However, the retail portion was only subscribed 1.35 times, showing lack of interest from retail investors.
Qualified Institutional Buyers had subscribed 11 times for the IPO while Non Institutional Investors had subscribed four times.
In his X post, Grover said one can only make money by subscribing to an IPO instead of 'dissing' it on X/Twitter.
"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," added Grover.
Honasa Consumer had on Monday raised Rs 765.2 crore from anchor investors ahead of its IPO launch.
Anchor investors included FPIs such as Capital Group, Fidelity, Norges Bank, Abu Dhabi Investment Authority, White Oak, Franklin Templeton, and others. The company had also allocated shares worth Rs 253.61 crore to domestic mutual funds.
7 prominent mutual funds have been allocated 33.1% of the anchor allocation. 6 prominent insurance companies have been allocated 11.5% of anchor allocation.
Proceeds from the fresh issue would be utilised towards advertising expenses to improve awareness and brand visibility, setting up new exclusive brand outlets, investment in its subsidiary BBlunt for setting up new salons, general corporate purposes, and inorganic acquisition.