There was a very tepid listing on the bourses today and this is despite the market being a buoyant mood.

Honasa Consumer, or Mamaearth as it is more popularly recognised, got listed on the NSE and BSE at Rs.330 v/s IPO price of Rs.324, which is just a 2% premium. It did rise to Rs.337 and is now trading at Rs.333.

The IPO had seen a good response, subscribing 7.61x, mainly led by QIBs at 11.50x, followed by HNIs at 4.02x, employees did much better at 4.87x and retail investors were at 1.35x.

In our IPO Analysis, we had concluded, “Company’s historic topline growth has been very impressive, and margin are on a gradual path to improvement. On comforting valuation, the IPO is a ‘subscribe’.