Lukewarm Day 1 for Mamaearth IPO; Men’s jewellery brand Metaman
The initial public offering (IPO) of Honasa Consumer saw a lukewarm opening as its shares were subscribed by 13% on the first day of bidding.
Roposo goes international.
The video-sharing app, operated by subsidiary Glance, is now international with its launch in Indonesia. With 200 local creators on the platform, this move is aimed at tapping into the growing Southeast Asia market. It plans to launch in the US market next, followed by Japan, Germany, and Latin America.
Meanwhile, Tiger Global-backed unicorn Apna reported nearly a 3x rise in its FY23 revenue. However, heightened expenses led to greater losses compared with the preceding fiscal. The Bengaluru-based company’s FY23 revenue stood at Rs 180.3 crore, reflecting an increase of 182.1% from the Rs 63.9 crore in FY22.
Lastly, watch these robot tour guides that have accents and personalities and can spout poetry.
In today’s newsletter, we will talk about
- Lukewarm Day 1 for Mamaearth IPO
- Men’s jewellery brand Metaman
- Deco Window’s rags to riches story
Here’s your trivia for today: On November 1, 1997, where did the Hollywood blockbuster Titanic have its first public screening?
IPO
Lukewarm Day 1 for Mamaearth IPO
The initial public offering (IPO) of Honasa Consumer—the parent company of , , and , among others—saw a lukewarm opening as its shares were subscribed by 13% on the first day of bidding.
Honasa floated its red herring prospectus last week, outlining its roadmap to raise Rs 365 crore in a fresh issue of shares and offer for sale (OFS) of about 4.12 crore shares.
Key takeaways:
- Honasa Consumer has offered a total of 2,88,99,514 shares and day one saw bids totalling 36,12,518.
- The company raised Rs 765.2 crore from 49 investors on October 30 at a price of Rs 324 per share with a face value of Rs 10.
- Investors including Fidelity Funds, Abu Dhabi Investment Authority, Smallcap World Fund, Government Pension Fund Global, Carmignac Portfolio, and Goldman Sachs participated in the round.
<Funding Alert>
Startup:
Amount: $11M
Round: Series A
Startup: Technologies
Amount: $1.2M
Round: Undisclosed
D2C
Men’s jewellery brand Metaman
Founded by Anil Shetty and Suniel Shetty, is a D2C men’s jewellery brand. With the recent acquisition of Drip Project, the brand has now forayed into hip-hop jewellery, it plans on offering affordable and high-quality products to Gen Z consumers.
Bling:
- In November 2022, Metaman launched its exclusive men’s jewellery brand, which included bracelets, chains, rings, and pendants—made with brass, silver, and gold starting at Rs 1,999. The brand launched 20 exquisite debut products on its website.
- The collection, imagined by designer Pallavi Foley, offers jewellery suiting every occasion—from daily office wear to traditional wear, casual wear, beach wear, sportswear, and travel wear.
- Drip Project by Metaman’s trendsetting pieces have graced the covers of Filmfare, Hello Magazine, and Lifestyle Asia, among others.
Inspiration
The rags to riches story of Deco Window
Noida-based window solutions company Deco Window has seen many ups and downs. In 2019, the family-run company adopted a comprehensive corporate culture within the business in an effort to be more accountable. Can the change in the way it operates help it attract more customers?
Family business:
- Deco Window operates manufacturing facilities in Greater Noida, Uttar Pradesh and sources most of its raw materials, like steel, domestically.
- The company closed with Rs 190 crore in revenue with the aim to close FY24 with an earning of Rs 250 crore.
- It is gearing up to introduce smart window solutions, including smart curtains, to keep up with the growing demand to integrate technology.
News & updates
- Compliance: Google CEO Sundar Pichai acknowledged the importance of making its search engine the default in keeping users loyal—a key point in a once-in-a-generation US antitrust fight focused on billions of dollars Google paid to be the default on laptops and smartphones.
- Tech upgrades: Apple announced new PC chips, MacBook Pro laptops, and a new iMac model at an unusual night-time launch event. Ahead of the holiday shopping season, the new chips will refresh Apple’s Mac lineup, which saw sales fall 7% in the June quarter.
- Valuation: X (formerly Twitter) has valued its equity at $19 billion a year after Elon Musk acquired it in a $44 billion deal. In an internal note sent to staffers on Monday, the company said it was awarding equity, or restricted stock units, to employees at $45 a share.
On November 1, 1997, where did the Hollywood blockbuster Titanic have its first public screening?
Answer: Tokyo International Film Festival. It was then released on December 19.
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