Skincare brand Mamaearth, registered as Honasa, made its stock-market debut at Rs 332 on November 7. The listing could define a valuation standard for other direct-to-consumer brands and set the tone for the next crop of unicorn IPOs. Early Mamaearth backers like Fireside Ventures, Stellaris, Titan Capital, Rishabh Mariwala (Marico) and Shilpa Shetty are looking at hefty returns.