VLCC Health Care Files Draft Papers For IPO Again
- ByAyushi Ray | August 14, 2021
Beauty and wellness firm VLCC Health Care files draft papers for IPO again. The company had to withdraw its IPO appeal in 2016, because demonetisation was announced, and again in 2019 because of the Lok Sabha elections. The initial public offering comprises a fresh issue of Rs 300 crore by the company and an offer for sale of 89,22,672 equity shares by promoter and investors. Promoter Mukesh Luthra is going to offload 18,83,414 equity shares, while investors OIH Mauritius and Leon International will look to exit the company by selling their entire shareholding of 18,97,540 (5.04 percent of pre-offer paid-up equity) and 51,41,718 equity shares.
The company and selling shareholders, in consultation with merchant bankers, may consider a private placement of Rs 100 crore, and if the said pre-IPO placement will be undertaken prior to the filing of RHP with ROC, the fresh issue size will be reduced. VLCC is going to utilise the net proceeds from the fresh issue for setting up VLCC Wellness Clinics in India and GCC Region, and VLCC Institutes in India. It will also deploy capital to refurbish certain existing VLCC Wellness Clinics in India and GCC Region, repay debts, invest in brand development, invest in digital and information technology infrastructure, and general corporate purposes
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