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The company may consider a pre-IPO placement that can add up to Rs 100 crore. When such a placement is completed, the size of the new issue will be reduced.

VLCC Health Care Ltd, one of the largest domestic beauty and wellness companies in India, has filed preliminary papers with the Sebi Market Authority to raise funds through an initial stock sale. The initial public offering (IPO) includes the re-issue of shares valued at Rs 300 crore and an offer for sale (OFS) of 89.22 lakh shares by the promoter and existing shareholders in accordance with the draft Red Hering prospectus.

The OFS includes the sale of up to 18.83 lakh share shares by promoter Mukesh Luthra, up to 18.97 lakh share shares from OIH Mauritius Ltd and 52.42 lakh share shares from Leon International.

Currently, Vandana Luthra and Mukesh Luthra hold 44.35 percent and 24.37 percent of the shares in the company, Leon International owns 13.65 percent of the shares and OIH Mauritius holds 5.04 percent of the shares in the company.

The funds raised through the reissue of shares will be used to establish VLCC Wellness Clinics in India as well as the Gulf Cooperation Council (GCC) region and VLCC institutes in India.

In addition, the proceeds would be used to renovate certain existing VLCC Wellness Clinics in India and the GCC region, for brand development, invest in digital and IT infrastructure, and pay off debts.

The company may consider a pre-IPO placement that can add up to Rs 100 crore. When such a placement is completed, the size of the new issue will be reduced.

VLCC Health Care operates wellness and beauty clinics under the VLCC brand and institutes under the VLCC brand for competence development in beauty and nutrition. It also manufactures and sells VLCC branded personal care products.

VLCC was founded by Vandana Luthra and was one of the first multi-outlet companies in the wellness and beauty industry, which at the time consisted mainly of individually operated, small businesses.

As of March 2021, the company served customers in 310 locations in 143 cities and in 12 countries in South Asia, Southeast Asia, the GCC region and East Africa.

The company has created an ecosystem of comprehensive services and products, including wellness programs, weight management solutions, personal care products, nutraceutical products and skills development training.

ICICI Securities, DAM Capital Advisors and IIFL Securities have been appointed as merchant bankers to advise the company on the public offering. The company’s shares are listed on BSE and NSE.

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