BENGALURU, Nov 2 Reuters Indian skincare startup Mamaearth39;s initial public offering IPO was oversubscribed by 7.6 times, fetching bids worth 71.3 billion rupees 856.75 million, exchange data showed on Thursday.

Investors bid for more than 220 million shares, compared with the 28.9 million shares on offer, with institutional investors showing the most interest, the data showed.

Mamaearth, founded by former Hindustan Unilever executive Varun Alagh and his wife Ghazal in 2016, revisited its IPO plans last month, with a reduced offer size. It had put its IPO plan on hold in March blaming weak market conditions.

The IPO comprises of fresh issue of shares worth 3.65 billion rupees, while investors including the cofounders, Stellaris Venture Partners and Bollywood actor Shilpa Shetty are selling 41.2 million shares, according to its prospectus.

The company, which is registered as Honasa Consumer, has set a price band of 308324 rupees per share. At the top end, the investors39; shares sales would fetch 13.36 billion rupees.

In September, the IPOs of Sai Silks, Samhi Hotels and R R Kabel were oversubscribed by 418 times. Like Mamaearth39;s, these IPOs too were a mix of stock sales by the company and its stakeholders.

Mamaearth39;s competitors include Sugar and Health Glow in India39;s beauty and personal care industry whose market size is estimated to expand to 28 billion by 2025 from 17.8 billion in 2020, according to KKRbacked financial services firm Avendus.

Honasa…