One of India’s most recognisable Ayurvedic beauty names is heading to the public markets. The draft contours point to a sale of about a tenth of the company, raising roughly three hundred million dollars and implying a valuation near three billion. For an old-school brand that has survived fashion cycles and D2C disruption, the raise is a bet that scale and shelf space still win if you modernise distribution and keep R&D close to the roots.
What to examine when the prospectus drops. Gross margin and ad spend intensity relative to peers, contribution from skin versus hair versus wellness, and how much growth is coming from modern trade and quick commerce versus pharmacies and legacy retail. If the mix has already tilted digital, expect investors to ask hard questions on retention and repeat rates. If the mix is still physical, capex and working capital discipline become the story.
Pricing power will decide the post-listing arc. Legacy brands enjoy trust, but premiumisation works only when formulations and packaging keep up with the global shelf. International expansion is a lever, though regulatory approvals and localisation can slow timelines. If the books show clean cash flows, a sensible use of proceeds and improving unit economics, this can become a core consumer staple in portfolios that want India’s beauty runway without paying for the most expensive multiples.
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