The initial public offering of Honasa Consumer, parent company of beauty and personal care brand Mamaearth, was subscribed 0.13 times, or 13%, on the first day of subscription.
The demand for the Rs1,701 crore-IPO was led by the portion reserved for employees, which was subscribed 1.98 times, followed by demand from retail individual investors, subscribing 0.34 times, or 34%. The portion of qualified institutional buyers was subscribed 0.10 times, or 10%, and that of non-institutional investors was subscribed 0.03 times, or 3%.
The company, on Monday, had raised Rs 765.2 crore from anchor investors by allocating 23.6 million equity shares. Institutional buyers such as Abu Dhabi Investment Authority, Fidelity, ICICI Prudential, WhiteOak Capital, Franklin Templeton, SBI Life Insurance and Max Life Insurance picked up shares at the upper price band of Rs 324 per share.
According to a company filing, seven domestic mutual funds including Aditya Birla Sun Life, Nippon, Axis and Invesco, among others, were allocated 33% of the anchor issue worth Rs 253.6 crore.