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Honasa Consumers’ investors plan to divest 8.1% equity through a ₹1,260.7 crore block deal at ₹480 per share. The stock dropped 4% to ₹520 today, yet has surged over 63% since its IPO launch.
Honasa Consumers, the parent company of brands like Mamaearth, is set to witness a major block deal, with existing investors divesting 8.1% of their total equity. The deal, worth ₹1,260.7 crore, will be executed at a floor price of ₹480 per share. According to market sources, this transaction will take place on Thursday, as investors like Peak XV Partners, Sequoia Capital, Redwood Trust, Fireside Ventures, Stellaris Ventures, and Sofina Ventures look to exit part of their holdings in the company.
The block deal, handled by brokers Kotak Securities and Jefferies India, comes with a 60-day lock-in period for any subsequent sales. This means that after this divestment, no further sales of these shares will be allowed for the next two months. As of the April-June quarter, the promoters of Honasa Consumers held a 35.07% stake, which remains unchanged. Major stakeholders like Stellaris Venture Partners, Fireside Ventures, Peak XV Partners, Sequoia Capital, and Sofina Ventures held varying stakes, as detailed in data from Trendlyne.com.
Honasa Consumer’s share price closed at ₹520 on the NSE, showing a decline of 4% on the day. Despite this dip, the stock has seen a strong performance since its initial public offering (IPO) last year. The stock has surged over 21% this year and gained more than 63% since its IPO launch, indicating sustained investor confidence.
For the fourth quarter ending March 2024, Honasa Consumers reported a net profit of ₹30.5 crore. Its revenue from operations grew by 21.4%, reaching ₹471.1 crore, up from ₹387.9 crore in the same period last year. The company has set an ambitious target of maintaining a 20% revenue growth in the current fiscal year, despite challenges related to inventory slowdowns.
Honasa Consumers’ upcoming block deal highlights a significant shift in the company's equity structure. While the stock experienced a slight dip in the short term, its long-term performance remains robust, bolstered by strong earnings and growth expectations. Investors will closely watch the outcome of this block deal and its potential impact on the Honasa Consumer share price in the coming months.
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