₹230 crore, in the personal care products manufacturer. The designated floor price for the sale has been established at ₹368.7-384.1 per share, reflecting a potential discount of up to 4% from the prevailing market price. Kotak Securities is the broker to the deal, the reports cited.
The share price of Honasa Consumer was down 3.85% to ₹384.80 per piece on Monday, against previous close at ₹400 on Friday last week. Honasa stock has gained nearly 14% after its listing on the Indian stock market. Since its debut on November 7, the stock has experienced significant volatility.
Initially priced at ₹324 during the initial public offering (IPO), it debuted at a 2% premium, reaching ₹330 and hitting a high of ₹340.45 on the intraday basis. However, the initial enthusiasm waned rapidly as the price plummeted to as low as ₹256 on the BSE within two days. The stock successfully recovered from its downturn after receiving a positive endorsement from Jefferies India.
The brokerage commenced coverage on the stock, assigning it a "buy" rating and setting a price target of ₹520. Jefferies anticipates that Honasa Consumer will achieve industry-leading growth, projecting a 27% increase over the next three years. In the previous month, the company unveiled its financial results for the September quarter, revealing a year-on-year revenue surge of 5.5% and a profit growth exceeding 13%.
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