VLCC moving for mid-year IPO launch
The VLCC Company’s Chairman Said, VLCC Health Care will launch its IPO around the middle of this year, the wellness and healthcare. “We expect that the instability in global markets following the ongoing Russia-Ukraine war will have settled down by then. With the pandemic receding, discretionary spending picking up and healthcare in focus, we believe the timing is appropriate for listing,” Mukesh Luthra told ET.
VLCC plans to raise ₹850-900 crore from the IPO.
VLCC operates wellness and beauty clinics and skill development institutes for beauty and nutrition, got clearance from market regulator SEBI in November last year for its IPO. However, recent months have seen several Indian companies, such as PharmEasy, Oyo and Delhivery, postponing their IPO plans due to high volatility in global market.
VLCC Healthcare’s upcoming IPO comprises a fresh issuance of equity shares worth Rs 300 crore and an offer for sale of more than 8.92 million shares by promoter and existing shareholders, according to the Draft Red Herring Prospectus. Founders Vandana Luthra and Mukesh Luthra hold 44.35% and 24.37% stakes, respectively, in the company.
Mrs. Vandana Luthra was speaking at the launch of VLCC’s healthcare, wellness and beauty clinics, as part of its strategic partnership with Thailand-based Minor Hotels inked in late 2019.
Mrs. Vandana Luthra in 1989, is a leading Wellness & Beauty services and products organisation, serving customers across 310 locations in 143 cities spanning 12 countries in South Asia, South East Asia, the Gulf Cooperation Council Region and East Africa.
In over 30 years of operation, the VLCC brand has grown to become synonymous with Wellness & Beauty in Indian households and has among the largest scale and breadth of operations within the beauty and wellness services industry in India and other countries it operates in.
VLCC is today widely recognized for its comprehensive portfolio of beauty and wellness products and services and also enjoys a high level of consumer trust. The VLCC Group’s operations currently span 330 locations in over 150 cities and 14 countries across Asia and Africa, including India, UAE, Saudi Arabia, Oman, Bahrain, Qatar, Kuwait, Kenya, Sri Lanka, Bangladesh, Nepal and Singapore.
Source: Economic times
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