Homegrown premium haircare brand Beauty Garage Ltd has filed draft papers with markets regulator SEBI to raise funds through an initial public offering (IPO).

The proposed IPO comprises a fresh issue of equity shares aggregating up to ₹125 crore and an Offer for Sale (OFS) of up to 78.36 lakh equity shares by promoters -- Jigar Babubhai Ravaria and Mahesh Babubhai Ravaria, according to the Draft Red Herring Prospectus (DRHP) filed on Tuesday.

The company intends to utilise the proceeds from the fresh issue towards funding capital expenditure for setting up a manufacturing facility at Vasai and for general corporate purposes.

Beauty Garage operates in the premium and salon-grade haircare segment, offering hair treatment and maintenance solutions to luxury and premium salons, beauty professionals and retail consumers across India.

The company has established a pan-India presence across 272 cities, serving more than 13,044 salons through its distribution network. It has an integrated business model with in-house research and development, manufacturing, designing, packaging and marketing capabilities.

As of the draft papers' date, the company offered 133 products across categories such as shampoos, conditioners, styling products, scalp care solutions and hair treatment products, with an average selling price of ₹2,950.98 per SKU.

Systematix Corporate Services is the sole book-running lead manager to the issue, while Bigshare Services is the registrar to the offer.