A Mumbai-based premium haircare brand that has quietly built one of India’s most extensive salon distribution networks is now taking its story to the public markets. Beauty Garage Limited, the premium Indian salon-grade haircare brand behind Shea and Botoliss, filed its Draft Red Herring Prospectus with the Securities and Exchange Board of India on July 28, 2026, for its proposed Initial Public Offering. The filing marks a significant milestone for a company that was incorporated as recently as 2021 and has already reached more than 13,000 salons across 272 cities in India.
The Beauty Garage IPO comprises a fresh issue of equity shares aggregating up to ₹125 crore and an Offer for Sale of up to 78.36 lakh equity shares by promoters Jigar Babubhai Ravaria and Mahesh Babubhai Ravaria. The company may also consider a pre-IPO placement of up to ₹25 crore, which, if undertaken, would be reduced from the fresh issue.
“Beauty Garage files papers with SEBI for raising funds via IPO. The proposed IPO comprises a fresh issue aggregating up to Rs 125 crore and an OFS of up to 78.36 lakh equity shares by promoter shareholders. Systematix Corporate Services is the Book Running Lead Manager.”~PTI
Where The Money Goes: New Factory In Vasai And General Corporate Purposes
The proceeds from the new issue will be used to pay capital expenditures for the establishment of a manufacturing plant in Vasai (West), Maharashtra, as well as other business purposes. The Vasai facility is a critical next step in Beauty Garage’s growth trajectory; the company currently sources and manufactures its products using a mix of in-house and third-party facilities, and the new plant would give it more control over quality, cost, and production capacity as it expands its distribution.
Systematix Corporate Services is the issue’s only Book Running Lead Manager, while Bigshare Services is the registrar. The choice of a single BRLM reflects the relatively low size of the issue, a valuation of ₹125 crore places it firmly in the SME-to-mainboard transition bracket, rather than among the blockbuster offers that often require multiple investment banks.
The company’s two promoters – Jigar Babubhai Ravaria and Mahesh Babubhai Ravaria are both participating in the OFS component, allowing them to partially monetise their holdings while simultaneously raising growth capital for the business through the fresh issue. The Ravaria family founded Beauty Garage in 2019, two years before formally incorporating it in 2021 and building it from a regional salon supply business into a nationally distributed premium brand.
“Beauty Garage files IPO papers with SEBI. The Mumbai-based premium salon-grade haircare company filed its DRHP on July 28, 2026. Fresh issue of Rs 125 crore with OFS by promoters. Proceeds to fund Vasai manufacturing facility. Network spans 13,000+ salons across 272 cities.”~Business Today
13,000 Salons, 272 Cities, And A Premium Market Growing Fast:
Beauty Garage offers advanced hair treatment and maintenance solutions for luxury and premium category salons and operates in the premium and salon-grade haircare segment, serving 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.
The brand portfolio comprises Shea, the company’s flagship premium moisturising hair treatment line, and Botoliss, a keratin and smoothing treatment range that has gained popularity among premium stylists looking to provide professional-grade results to clients. These are not mass-market products that compete on price; rather, they are positioned in the area where salons create their premium service menus and where professional operator brand trust translates directly into retail customer loyalty.
India’s beauty and personal care segment is witnessing a strong wave of premiumization, and the professional salon product market is expanding rapidly. Founded in 2019 and incorporated in 2021 by the Ravaria family, Beauty Garage has quickly emerged as one of the few homegrown players in the professional haircare segment that has achieved national scale.
The Indian beauty and personal care market is projected to reach approximately $30 billion by 2028, with professional salon products currently a smaller but faster-growing slice of that pie expanding at double-digit rates as salons upgrade their service menus to meet rising consumer aspirations for premium treatments.
“Beauty Garage IPO DRHP Filed With SEBI: Fresh Issue Rs 125 Cr + OFS 78.36L Shares. Mumbai-based premium salon-grade haircare brand files for IPO. Products: Shea, Botoliss. 13,044 salons in 272 cities. New manufacturing facility at Vasai planned. BRLM: Systematix Corporate Services.”~IPO Central
A Growing Network Of Beauty And Consumer IPOs In FY27:
Beauty Garage’s DRHP filing adds to an already active pipeline of consumer and beauty sector IPOs heading into the second half of FY27. The India IPO market has been running at near-record pace through 2026, with companies across sectors from quick commerce to defence to premium consumer goods filing draft papers in rapid succession.
For investors, Beauty Garage represents an opportunity to participate in the professionalisation of India’s salon economy is a structural shift driven by rising disposable incomes in Tier-2 and Tier-3 cities, growing consumer willingness to pay for premium hair treatments, and the increasing sophistication of the beauty professional workforce who demand salon-grade products to deliver competitive service quality.
The DRHP will now go through SEBI’s standard review process typically taking 30 to 75 days before the company receives its observation letter and can proceed to fix the price band, open the anchor book, and launch the public subscription period. All proceeds from the fresh issue of ₹125 crore will flow directly into the company giving Beauty Garage the capital to build the Vasai manufacturing facility that would mark its transition from a distribution-led business into a vertically integrated, owned-manufacturing premium beauty brand.
