Indian skincare startup Mamaearth has put its initial public offering (IPO) on hold because of weak market conditions, two people with direct knowledge of the matter said, a month after two other Indian companies also scrapped their share sales.
A product of Indian skincare startup Mamaearth is on display at a beauty parlour in Ahmedabad, India, June 22, 2022. REUTERS/Amit Dave on hold because of weak market conditions, two people with direct knowledge of the matter said, a month after two other Indian companies also scrapped their share sales., planning to raise about $200 million to $300 million, through the issuing of new equity and an offer for sale of some existing shares, which could have valued the company at up to $3 billion.
Mamaearth planned to start marketing the IPO and begin initial talks with investors by the end of January, but that has not happened yet, the sources said. In preliminary informal checks with investors, there was a difference in the valuation that the company was seeking and what investors were willing to give, one of the sources said.
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