Mamaearth has tepid debut in a year of many strong listings

Despite strong investor demand during its IPO, Honasa Consumer Ltd, the parent company of personal-care brand Mamaearth, made a lacklustre debut on BSE on Tuesday. Shares opened at ₹330, a modest premium of 1.85% to the issue price of ₹324, and closed at ₹337.10, just 4% more than the issue price. This underwhelming performance reflects the mixed fortunes of IPOs in India since last Diwali.

- Mayur Bhalerao & Sneha Shah

Companies such as Ideaforge Tech, Netweb Technology, Utkarsh Small Finance Bank, Cyient DLM, SBFC Finance, Cello World, and Mankind Pharma, recorded strong listing gains ranging from 20% to 93%. The broader market, as represented by the Nifty 50 index, has also shown resilience, rising by 10.44% since last Diwali. However, not all IPOs have been so fortunate. Yatra Online’s shares fell by 10.2% when they were listed, while Inox Green’s stock shed 7% on debut and Fusion Microfinance’s stock declined 2.3%.