VLCC Health Care will utilise the net IPO proceeds to establish VLCC Wellness ClinicsVLCC Health Care has filed the draft red herring prospects with markets regulator Sebi to raise funds through an initial public offering (IPO).
The primary market offering of one of the largest beauty and wellness companies in India will comprise a fresh issue of shares worth Rs 300 crore and an offer-for-sale (OFS) of 89.22 lakh equity shares by promoters and existing shareholders.
VLCC Health Care shares are likely to be listed on both, BSE and NSE.VLCC Health Care will utilise the net IPO proceeds to establish VLCC Wellness Clinics in India and GCC Region, and VLCC institutes in India.
It will also use the money to refurbish existing VLCC Wellness Clinics in India and GCC Region, and to repay debts.VLCC Health Care operates VLCC branded wellness and beauty clinics and VLCC branded institutes for skill development in beauty and nutrition, and also sells VLCC personal care products.
Vandana Luthra and Mukesh Luthra are promoters of the company.ICICI Securities, DAM Capital Advisors and IIFL Securities are the merchant bankers to the public issue.