Mamaearth IPO oversubscribed 7.6 times; India to be key gaming market
After the slow start on day one, Honasa Consumer saw an overwhelming response to its IPO on day three.
Brokerages say right ingredients to make the best of the opportunity.IPO has the
The parent entity of the new-age beauty and personal care brand, Honasa Consumer, aims to raise Rs 1,701 crore through the IPO. The three-day book building, which ended on Thursday, November 2, was oversubscribed by 7.61 times.
Speaking of IPOs, B2B SaaS fintech company two key executives to its leadership team. BigBasket’s former VP & Head of Engineering Sumit Nigam has joined as the new CTO, while Pine Labs’ former Chief People Officer (CPO) Anu Mathew is joining as the company’s CPO., which aims to go public in the next 18 months, has appointed
Elsewhere, the Apple threat notification issue continues as CERT-In begins its probe into the matter, said IT Secretary S Krishnan. He added that a notice has been sent to the global tech giant.
Meanwhile, Reliance Industries-owned online fashion platform AJIO has launched a D2C-focused content-driven ecommerce platform, AJIOGRAM.
ICYMI: Visit this online museum tracing the history of the internet.
In today’s newsletter, we will talk about
- Mamaearth IPO oversubscribed 7.6 times
- India to become key gaming market
- The dire state of nurses in India
Here’s your trivia for today: Who was the first solo female host of the Oscars?
After a slow start, the initial public offering (IPO) of Honasa Consumer received an overwhelming response from investors on day three.
Honasa Consumer, which operates brands like Mamaearth, The Derma Co., and Aqualogica, saw bids of 22 crore shares as against an offer of 2.8 crore shares, according to data available with Indian stock exchanges.
- Qualified institutional investors bid 11.50 times, followed by non-institutional investors, who bid 4.02 times. However, the response from retail individual investors was lukewarm as they bid just 1.35 times.
- Honasa Consumer aims to raise Rs 1,701 crore through the IPO, which consists of fresh issuance of shares worth Rs 365 crore and an offer for sale of 4.13 crore shares and will see few of its existing investors tendering in the issue.
- The company had set a price band of Rs 308-324. It has already raised Rs 765.2 crore from 49 investors on October 30 at Rs 324 per share with a face value of Rs 10.
India is likely to emerge as a key market for games, with the sector predicted to touch a value of $7.8 billion by 2028, according to the third edition of the State of India Gaming report by Lumikai.
The gaming and interactive media fund attributes this growth to an affinity towards byte-sized entertainment and participation in interactive communities, besides accessibility to smartphones and faster internet.
- The estimated in-app purchases were $323 million this year, up from the $236 million recorded last year for games other than BGMI and Free Fire.
- For the real-money gaming (RMG) segment, revenue for the sector grew by $500 million in FY23 but is expected to face headwinds in the coming years due to recent policies and industry consolidation, the report said.
- A survey conducted by Lumikai across a sample of 2,317 respondents found that 60% of users said that the latest GST regulations around gaming and TDS rules would negatively impact how much they engaged with such games.
India has a trifling 1.96 nurses per 1,000 population. Despite being highly skilled and indispensable to the healthcare sector, they are often undervalued. In fact, female nurses face additional challenges of sexual harassment and pay disparity.
- In 2022, the Ministry of Health and Family Welfare issued draft guidelines proposing the setting up of Internal Committees, annual health check-ups, creche facility, and work hours not exceeding 40 hours a week, among other measures, to improve the working conditions of nurses.
- A central government order from 2022 directs that the minimum pay of nurses working in hospitals with less than 50 beds should be Rs 20,000.
- However, with thousands of private hospitals and nursing homes mushrooming across the country, violations take place unabated, says Anurag Verma, UP State President, All India Registered Nurses Federation (AIRNF).
News & updates
- Settlement: Uber and Lyft will pay a combined $328 million to settle claims by New York's attorney general that the ride-sharing companies systematically cheated drivers out of pay and benefits. Drivers will also be guaranteed minimum hourly rates and paid sick leave.
- Regulations: Twenty-eight countries including the US, UK, India, and China have agreed to work together to ensure artificial intelligence is used in a “human-centric, trustworthy and responsible” way, in the first global commitment of its kind.
- Bolster ties: The United Arab Emirates is considering investing as much as $50 billion in India, its second-largest trading partner, as part of a broader bet on the world’s fastest-growing major economy. Provisional pledges could be announced early next year.
Who was the first solo female host of the Oscars?
Answer: Whoopi Goldberg
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