Honasa Consumer, the parent firm of skin and personal care brand Mamaearth, has raised about $92 million in an anchor round ahead of its initial public offering starting Tuesday in a major boost to the Indian startup that in many ways is testing the current appetite of the local public markets.
A group of over three dozen asset managers including Abu Dhabi Investment Authority, Fidelity, Norges Bank, Invesco, Goldman Sachs, CDPQ, White Oak, Franklin Templeton, Kotak, DSP, Carmigniac Gestion, Loomis Sayles, Matthews, Pictet and Hornbill were issued the shares via anchor book, Honasa said late Monday in an exchange filing.
The investors, which included many Indian mutual funds, have subscribed nearly half of the $204.3 million that Mamaearth, which manufactures and sells a range of skincare products, is hoping to secure in the public markets debut.
Mamaearth, which counts Peak XV Partners and Sofina among its backers, will open its initial public offering on Tuesday at a price band of $3.7 to $3.9.
More to follow.