FMCG Firm Onest Ltd Files IPO Papers With Sebi

The Mumbai-based Onest Ltd is primarily engaged in the Fast Moving Consumer Goods (FMCG) market with a range of home care and personal care products, food products and household products catering to B2B2C and B2B customers. Also, it is involved in the Non-Fast Moving Consumer Goods (Non-FMCG) sector

PTI

Updated on: 31 July 2023 3:42 pm

FMCG Companies.

FMCG firm Onest Ltd has filed preliminary papers with capital markets regulator Sebi to raise funds through an initial public offering (IPO).

The IPO with a face value of Rs 10 comprises a fresh issue of Rs 77 crore and an offer for sale (OFS) of up to 32.5 crore shares by a promoter and other selling shareholders, according to the draft red herring prospectus (DRHP) filed on Friday.

Those selling shares in the OFS are promoter Pawan Kumar Gupta and existing shareholders -- Glentrade DMCC, Ramesh Girdharilal Lulla, Rahul Porwal, Pankaj Jain, Piyush Dungarpuria and R Sambhu Kumar.

Proceeds from the fresh issue to the tune of Rs 60 crore will be utilised towards funding working capital requirements of the company and general corporate purposes.

The Mumbai-based Onest Ltd is primarily engaged in the Fast Moving Consumer Goods (FMCG) market with a range of home care and personal care products, food products and household products catering to B2B2C and B2B customers. Also, it is involved in the Non-Fast Moving Consumer Goods (Non-FMCG) sector.

For the fiscal year 2023, the company's revenue from operations surged 71 per cent to Rs 184.31 crore against Rs 108 crore a year earlier and net profit rose to Rs 8 crore in fiscal 2023 from Rs 2.44 crore in the preceding financial year.

Monarch Networth Capital and Unistone Capital are the book running lead managers to the issue. The equity shares are proposed to be listed on BSE and NSE.