Onest files preliminary papers for IPO

Fast moving consumer goods brand Onest Limited has filed its preliminary initial public offering papers with market regulator Sebi and plans to raise funding for working capital requirements and general corporate purposes. 

Onest Limited’s IPO will include a fresh issue of shares worth Rs 77 crore as well as an offer for sale of up to Rs 32.5 crore in shares, India Retailing reported. The IPO has a face value set by the business of Rs 10 per share. The equity shares will be listed on the National Stock Exchange and on the Bombay Stock Exchange. 
 
Shares will be sold in the IPO by a promoter and other shareholders, according to Onest Limited’s Draft Red Herring Prospectus which was filed on July 28. Promoter Pawan Kumar Gupta will sell shares as part of the offer for sale along with shareholders Glentrade DMCC, Ramesh Girdharilal Lulla, Rahul Porwal, Pankaj Jain, Piyush Dungarpuria, and R Sambhu Kumar.

The business plans to use Rs 60 crore from the fresh issue of shares for its working capital requirements as well as general corporate purposes. In the 2023 financial year, Onest Limited reported a 71% increase in revenue from operations to total Rs 184.31 crore compared to  Rs 108 crore in the 2022 financial year. The business’ net profit also increased significantly to reach Rs 8 crore in the 2023 financial year compared to Rs 2.44 crore a year prior. 
 
Based in Mumbai, Onest Limited focuses on FMCG and also retails both food and household goods. The business caters to both business-to-business and business-to-business-to-customer markets.