Deepinder Goyal gets Mamaearth IPO allotment, no-show from Ashneer Grover

Deepinder Goyal had applied for 3.08 lakh shares in Honasa Consumer IPO but received an allotment of 33,422.

Deepinder Goyal has been allotted 33,422 shares in the public issue of Mamaearth's parent Honasa Consumer, as per the Bid-Allottee data document reviewed by Moneycontrol.

A source confirmed that it is indeed  Zomato's co-founder and chief executive Deepinder Goyal, by cross-verifying the PAN card number with that in an exchange filing by the food-tech startup. The application was filed from Gurugram where Zomato's headquarters is located, the source added.

Moneycontrol has reached out to Deepinder Goyal for a clarification and the story will be updated as soon as we hear back.

As per the document, Goyal had applied for 3.08 lakh shares but has received an allotment of 33,422.

Also Read: Mamaearth IPO: An empty vessel making loud noise?

On the other hand, famed entrepreneur and former Shark Tank India judge Ashneer Grover's name does not pop up in the allotee or non-allotee lists. This is contrary to Grover's claim of having 'quietly and handsomely' applied for the Honasa Consumer IPO.

On November 2, Bharatpe co-founder had tweeted, "Congrats @mamaearthindia @VarunAlagh@GhazalAlaghfor IPO getting over-subscribed 8X !! And for proving all twitter IPO pundits / valuation experts wrong and shutting them up in style. Kudos! Disclaimer - I applied in IPO quietly and handsomely - twitter pe diss karne se paise nahi bante - IPO subscribe karne se fir bhi ban sakte hai!"

While there is a possibility that Grover could have applied for the IPO via a corporate entity, Moneycontrol has reached out to him for clarification, and the story will be updated as soon as we hear back.

Also Read: Ashneer Grover applies in Mamaearth IPO, says they shut down critics in style: 'Kudos'

Gurugram-based beauty and personal care company mopped up Rs 765.2 crore from 49 anchor investors on October 30, the day before issue opening. The company is set to list on the bourses on November 7.

The parent firm of Mamaearth attracted interest from marquee names like Smallcap World Fund Inc, Fidelity Funds, Abu Dhabi Investment Authority, Government Pension Fund Global, Caisee De Depot ET Placement, FSSA India Suncontinent Fund, Carmignac Portfolio, Goldman Sachs, and Hornbill Orchid India Fund.

However, retail investors were not too excited by the IPO as the portion reserved for them saw relatively weaker interest, being subscribed 1.35 times. Much of the furore on social media has been around the company's exorbitant ad spends.

Mamaearth has been in the game for seven years now. The company that started as a manufacturer of toxin-free products for babies has evolved into a house of six brands today. But, customer loyalty has been hard to come by. Several of its products, especially the onion hair growth oil, has been the butt of jokes on social media for not producing any results.

This is why the company has to spend on ads to acquire new customers. It spends anywhere between 30-40 percent of its sales on advertising, much higher than traditional consumer companies.

(Update: After this story was published, Zomato got back with the following update - Along with co-founder Deepinder Goyal, the company's chief financial officer Akshant Goyal had also applied for allotment in Honasa Consumer IPO).

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.