Honasa Consumer Limited (HCL), the parent company of Mama Earth, is scheduled to launch its initial public offering (IPO) worth Rs 1,700 crore on October 31, 2023. The company has received approval for the IPO from the Securities and Exchange Board of India (SEBI). The IPO’s timing aligns with the approaching Diwali festive season, a period of increased consumer spending. Mama Earth, a Direct-To-Consumer (D2C) brand, offers a wide range of beauty and personal care products and holds a valuation exceeding $1 billion. Founded by Varun and Ghazal Alagh in 2016, the public issue will be open from October 31 to November 02. The company plans to offer a fresh issue of 46,819,635 equity shares. The top two promoters are Varun Alagh and Ghazal Alagh, who will offer 3,186,300 and 100,000 equity shares, respectively. In addition to them, Snapdeal co-founder Kunal Bahl and Bollywood veteran Shilpa Shetty Kundra will also offer significant portions of their shares, up to 777,672 and 554,700 equity shares, respectively.