Beauty Garage files IPO papers with SEBI; check key details

Beauty Garage (BGL), an Indian homegrown premium and salon-grade haircare company, has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO). According to the DRHP, the proposed IPO comprises a fresh issue of equity shares aggregating up to Rs 125 crore and an offer-for-sale (OFS) of up to 7,836,000 equity shares by promoter selling shareholders Jigar Babubhai Ravaria and Mahesh Babubhai Ravaria. The company said it proposes to use the net proceeds from the fresh issue towards setting up the Vasai (Mumbai) manufacturing facility and for general corporate purposes. BGL offers advanced hair treatment and maintenance solutions for luxury and premium category salons, beauty professionals and retail consumers across India. Through its salon network, the company has established a pan-India presence across 272 cities and reaches more than 13,044 salons through its distribution channel. The company has a diversified product portfolio and operates as an integrated brand with in-house research and development, manufacturing, designing, packaging and marketing capabilities. BGL’s SKUs are designed for both in-salon procedures and consumer aftercare usage across key categories including shampoos, conditioners, styling products, scalp care solutions and hair treatment products. As on the date of the DRHP, the company offers 133 products, with SKUs at an average selling price of Rs 2,951. Systematix Corporate Services is the sole Book Running Lead Manager to the issue, while Bigshare Services is the registrar to the offer. The filing marks BGL’s move towards listing, with the proposed issue comprising a fresh raise and an OFS, while the company plans to use the fresh issue proceeds for its Vasai manufacturing facility and general corporate purposes.