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Home-grown beauty and wellness company VLCC is planning its IPO by February next year. Its previous plan of an IPO was delayed because of demonetisation.
According to Vandana Luthra, Founder & Mentor, VLCC, the company is likely to file its draft red herring prospectus by September.
“By February (2018), the IPO should hit the market. We had plans for an IPO last year but our (merchant) bankers advised us against it due to demonetisation. We are going to file a fresh draft red herring prospectus (DRHP) with the regulator soon,” she told BusinessLine during an interview.
The previous DRHP (which was valid till December 2016) said the company would look to raise ₹400 crore, with an option to retain oversubscription of ₹200 crore. The Luthra family currently holds about 83 per cent in the company.
The company is also in talks for both domestic and international acquisitions.
VLCC recently acquired doorstep beauty treatment service provider VanityCube, and direct-selling dietary-supplements and nutraceuticals company WellScience Health.
New focus areasAccording to Luthra, the FMCG business which accounts for 30 per cent of its ₹1,000-crore revenue is expected to exceed the services businesses in the next three to five years.
Beauty and wellness services account for ₹600 crore (approximate 60 per cent) of its total turnover.
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