Cyril Amarchand Mangaldas acted as legal counsel for Honasa Consumer Limited (Honasa) and the promoters, namely, Varun Alagh and Ghazal Alagh on its INR 1701 crore Initial Public Offering (IPO). Honasa Consumer Limited is India’s largest digital-first BPC company in terms of revenue from operations (for the Financial Year 2023). It houses a portfolio of six brands, namely, Mamaearth, The Derma Co., Aqualogica, Ayuga, BBlunt and Dr. Sheth’s.
The Capital Markets and General Corporate advisory team of Cyril Amarchand Mangaldas was led The transaction team representing the Company was led by Yash Ashar, Partner & Head Capital Markets, Vijay Parthasarathi, Partner& Regional Co-head Markets Practice (Southern Region; Aashima Johur, Partner; with support from Saurav Das, Senior Associate; Vedansh Batwara, Associate; Prajna Kariappa, Associate; and Harshita Tripathi, Associate.
The transaction team representing the Promoters was led by Yash Ashar, Partner & Head Capital Markets, Rohit Tiwari, Partner with support from S. Bindu Sravya, Associate.
Bharath Reddy, Partner, Sharada Ramachandra, Partner, Ritika Rathi, Partner, Dipti Khatri, Senior Associate and Simran Jain, Associate also advised on certain aspects of the transactions such as employee stock option schemes and FDI analysis.
The Honasa’s IPO included equity shares having face value of INR 10 each, comprising of a fresh issue and offer for sale, aggregating to INR 1701.4 crore. The equity shares of Honasa commenced trading on Stock Exchanges on November 7, 2023, within 3 working days from the date of closure of the Offer.
Other advisors to the transaction included Kotak Mahindra Capital Company Limited, Citigroup Global Markets India Private Limited, JM Financial Limited and J.P. Morgan India Private Limited (acted as book running lead managers to the Offer); Sidley Austin LLP (acted as International legal counsel for book running lead managers); and S.R. Batliboi & Associates LLP (acted as auditor).
The agreement was signed on 15th June 2023; and closed on 7th November 2023. _____________________________________________
About Cyril Amarchand Mangaldas
Cyril Amarchand Mangaldas (cam) is India’s leading law firm with a global reputation of being trusted advisers to its clients. The Firm advises a large and diverse set of clients, including domestic and foreign commercial enterprises, financial institutions, private equity and venture capital funds, start-ups, government and regulatory bodies. The Firm generalists, specialists and senior ex-regulators expertly guide clients across a spectrum of transactions, sectors and regulations. With 1000 lawyers and 170 Partners, the Firm is the largest full-service law firm in India and offices in key business centres at Mumbai, Delhi-NCR, Bengaluru, Ahmedabad, Hyderabad, Chennai, GIFT City and also in Singapore.
The Firm recently received “Innovation in Advancing Markets” award at the FT Innovative Lawyers Asia Pacific 2022 Awards and the “National Law Firm of the Year: India” award at the IFLR Asia Pacific 2022 awards ceremony. The Firm had won “India Deal Firm of the Year” at the ALB India Awards and “Firm of the Year” at the IFLR1000 India Awards in 2021.
