Mamaearth IPO make muted market debut; up nearly 2%

New Delhi: Shares of Honasa Consumer Ltd, which owns new-age FMCG brands like Mamaearth and The Derma Co, made a muted market debut on Tuesday, listing with a gain of nearly 2 per cent on the NSE against the issue price of Rs 324.

The stock began the trade at Rs 330, up 1.85 per cent on the NSE. It later hit a high of Rs 337.60 and a low of Rs 323.

The stock listed at par with the issue price of Rs 324 on the BSE. The company commanded a market valuation of Rs 10,718.99 crore during the morning trade.

The Initial Public Offer (IPO) of Honasa Consumer was subscribed 7.61 times on the last day of subscription on Thursday.

The Rs 1,701.44 crore IPO had a price range of Rs 308-324 a share. The Gurugram-based beauty and personal care company was founded in 2016 by 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.