Popular hair dresser Jawed Habib has approached market regulator SEBI to raise Rs 60 crore through a public issue to expand his flourishing business in India and abroad.

Jawed Habib Hair and Beauty Limited (JHHBL) has filed a draft prospectus with Securities and Exchanges Board of India (SEBI) to come out with the Rs 60 crore through initial public offering (IPO).

Promoted by hair stylist, Jawed Habib Akhter, JHHBL will probably be the first entity of its kind to raise money by issuing equity to the public.

The company, according to the prospectus, will utilise the funds for acquiring brands in India and abroad, build its own brand, and expand the network of outlets across the country.

Habib, the prospectus said, comes from family of hair experts.

“Habib’s ancestors were working with Indian hair since before the subcontinent’s independence. His grandfather was barber to both the last British viceroy, Lord Mountbatten, and Jawaharlal Nehru, India’s first Prime Minister”, it added.

With 37 outlets in the year of incorporation in 2006, the company has grown rapidly and currently has eight own and 176 franchised outlets in 62 cities across India. It also runs 6 academic institutions and 35 franchise outlets across 36 cities.

The range of services provided by the company include haircut, hair styling, hair straightening, chemical hair treatments, hair colouring, , SPA treatment, and facial treatments.

The promoter of JHHBL, Jawed Habib has also set a world record of performing 410 non-stop haircuts in 25 hours and 42 minutes.

The hair and beauty salon industry in India has been estimated at Rs 6,900 crore up from Ra 1,500 crore in 2005. It is expected to reach Rs 29,800 crore in 2015 and surge to Rs 98,500 crore by 2020.

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