Extending losses: Mamaearth-parent Honasa Consumer stock now down over 5% from IPO price

livemint.com:

₹307 today. The stock is now 5.2 percent down from its IPO price of ₹324. The stock breached its issue price level in yesterday's deals, ending at ₹322.50.

Meanwhile, it was listed at ₹330 per share, a 1.85 percent premium to the issue price and ₹324 on BSE (same as the issue price). “Honasa Consumer, a leading Indian beauty and personal care (BPC) company, made its stock market debut today at ₹330 per share, a premium of around 2 percent to its IPO price of ₹324. The IPO was subscribed to 7.95 times, which is a good subscription level.

While Honasa Consumer is still a relatively young company, it has quickly grown to become a major player in the Indian BPC market. The company has a diverse product portfolio that includes face care, baby care, hair care, body care, color cosmetics, and fragrances. However, the financial condition of the company is facing some turbulence, and there are other operation-related risks as well," suggested Shivani Nyati, Head of Wealth, Swastika Investmart.

Read here: Honasa Consumer share price dips after flat listing. Buy, sell or hold? After receiving a decent subscription, Stock was able to give a positive listing. Investors are now suggested to book profit and exit their position.

The Honasa Consumer IPO was open between October 31 and November 02 and the price band was set in the range of ₹308-324 apiece with a lot size of 46 shares. The IPO raised a total ₹1,701 crore, which included a fresh issue of ₹365 crore and an offer-for-sale (OFS) of up to 4.12 crore equity shares. The IPO has been subscribed 7.61 times on day 3.