WomanCart, a skincare retailer that debuted in April 2022, saw its initial public offering (IPO) fully subscribed on the opening day, Monday. The IPO received bids for 13.40 lakh shares against the offer size of 11.12 lakh shares, with retail investors and high net-worth individuals (HNIs) bidding 2.17 times and 0.44 times their respective quotas.
The public offer, managed by Narnolia Financial Services, Maashitla Securities, and Nikunj Stock Broker, is set to close on Wednesday, October 18. These firms are overseeing book-running, registrar duties, and market-making for the ₹9.56-crore (USD1 = INR83.256) public offer.
The IPO consists entirely of fresh shares priced at ₹86 each with no offer-for-sale component involved. Proceeds from the IPO will be allocated to fund branding and marketing efforts, app development, and working capital requirements, with the remainder set aside for general corporate purposes.
WomanCart offers over 100 skincare brands at its offline store located in Shalimar Bagh, Delhi. Prior to the issue, Veena Pahwa and her group held a majority stake of 78.01% in the company. Following the completion of the IPO, their stake is expected to decrease to 57.4%.
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