The Gurugram-based beauty and personal care company raised Rs 765.2 crore from 49 anchor investors on October 30, a day before the issue opener
According to the Bid-Allottee data document verified by Moneycontrol, Deepinder Goyal was allotted 33,422 shares in the public issue of Mamaearth’s parent company Honasa Consumer.
A source confirmed that it is indeed Zomato’s co-founder and managing director Deepinder Goyal by matching the PAN card number with that in an exchange filing from the food tech startup. The application was filed from Gurugram, where Zomato’s headquarters is located, the source added.
Moneycontrol has reached out to Deepinder Goyal for clarification and the story will be updated as soon as we hear anything.
According to the document, Goyal had applied for 3.08 lakh shares but received an allotment of 33,422.
Also read: Mamaearth IPO: An empty ship makes a loud noise?
On the other hand, famous entrepreneur and former Shark Tank India judge Ashneer Grover’s name does not appear in the lists of allottees or non-allotees. This contradicts Grover’s claim that he “quietly and generously” applied for Honasa Consumer’s IPO.
On November 2, the co-founder of Bharatpe had tweeted, “Congratulations @mamaearthindia @VarunAlagh@GhazalAlagh on being oversubscribed 8 times in IPO!! And for proving all the Twitter IPO pundits/valuation experts wrong and silencing them in style. Kudos! Disclaimer – I calmly and handsomely advertised in the IPO – Twitter pe diss karne se paise nahi bante – Subscribe to IPO karne se fir bhi ban sakte hai!”
While there is a possibility that Grover may have filed for the IPO through a corporate entity, Moneycontrol has reached out to him for clarification and the story will be updated as we hear back.
Also Read: Ashneer Grover applies to Mamaearth’s IPO, says they dispatched critics in style: ‘High praise’
The Gurugram-based beauty and personal care company raised Rs 765.2 crore from 49 anchor investors on October 30, a day before the issue opener. The company is scheduled to go public on November 7th.
Mamaearth’s parent company attracted interest from big names like Smallcap World Fund Inc, Fidelity Funds, Abu Dhabi Investment Authority, Government Pension Fund Global, Caisee De Depot ET Placement, FSSA India Suncontinent Fund, Carmignac Portfolio, Goldman Sachs and Hornbill Orchid India Funds.
However, private investors were not too enthusiastic about the IPO as the portion reserved for them showed comparatively lower interest at 1.35 times subscription. Much of the excitement on social media centered around the company’s exorbitant advertising spending.
Mamaearth has been in the game for seven years now. The company, which began as a manufacturer of non-toxic products for babies, has now developed into a house with six brands. However, it was difficult to achieve customer loyalty. Several of its products, particularly Onion Hair Growth Oil, became the butt of jokes on social media for failing to deliver results.
Because of this, the company needs to invest in ads to attract new customers. It spends between 30 and 40 percent of its revenue on advertising, much more than traditional consumer companies
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Shailaja Mohapatra Senior Editor, Moneycontrol
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