The OFS will see sale of up to 1.88 mln shares by Mukesh Luthra, up to 1.90 mln by OIH Mauritius, and up to 5.14 mln shares by Leon International.
ICICI Securities, DAM Capital Advisors and IIFL Securities are the lead managers to the issue.
The proceeds from the issue worth ₹83.24 crore will be used to set up VLCC Wellness clinics in India and Gulf Cooperation Council (GCC) region, VLCC Institutes in India and refurbishment of certain existing VLCC Wellness clinics in India and GCC region.
“We believe that the said investment will enable us to earn increasing revenues on a consolidated basis, progressively scale our business, compete effectively, increase our visibility and expand our existing consumer base,” the company said in its its draft papers.
Repayment of debt worth ₹66 crore will be used from proceeds; ₹30.80 crore will be used for investment in brand development and ₹40 crore for investment in digital and information technology infrastructure.
It is one of the largest players in the wellness & beauty services industry in India, with the widest footprint of company-operated clinics. As of March 2021, it had customers across 310 locations in 143 cities in 12 countries in South Asia, South East Asia, the GCC region, and East Africa.
In FY21, total income stood at Rs565.24 crore against Rs775.02 crore a year ago. Net profit was at Rs6.24 crore versus a loss of Rs15.31 crore last year.