honasa consumer share price: VC fund Fireside Ventures to sell 1.9% stake in Mamaearth parent via block deal: Report

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MUMBAI – Venture capital fund Fireside Ventures Investment Fund plans to sell its partial stake in Mamaearth parent Honasa Consumer through block deals on Tuesday, according to reports.

The VC firm is offering 61 lakh shares or 1.9% stake in the personal care products maker. The deal is expected to be worth Rs 230 crore.

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The floor price for the sale is set at Rs 368.7-384.1 a share, representing upto 4% discount from the current market price.

On Monday, shares of Honasa Consumer ended 4% down on the National Stock Exchange at Rs 384.10.

Kotak Securities is the broker to the deal, the reports cited.

The stock has witnessed a roller-coaster ride since listing on November 7. Against the initial public offering (IPO) issue price of Rs 324, the stock got listed at a 2% premium at Rs 330 and hit the high of Rs 340.45 on the intraday basis on the listing. But the initial excitement fizzled out soon as the price fell to as low as Rs 256 on the BSE after 2 days.

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The stock then managed to recoup its losses well following a bullish call by Jefferies India. The brokerage initiated coverage on the stock with a “buy” rating and a price target of Rs 520, and said Honasa Consumer should report industry leading growth at 27% over the next 3 years. Last month, the company released its September quarter earnings, which showed that its revenue increased by 5.5% on year and profits grew by more than 13%.

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