Parent of Indian personal care products start-up Mamaearth, Honasa Consumer Ltd, on Thursday filed for an initial public offering (IPO), according to draft papers submitted to the market regulator.

The Sequoia- and Sofina-backed company's IPO will comprise of a fresh issue of shares worth 4 billion rupees ($48.30 million) and an offer for sale of 46.8 million shares.

Mamaearth was co-founded as a direct-to-consumer brand by Varun Alagh, a former Hindustan Unilever executive, and his wife Ghazal.

With the brand endorsed by popular Bollywood celebrities, the duo has cashed in on India's growing e-commerce adoption by offering its products on platforms such as Amazon (AMZN.O) and Walmart's Flipkart.

India's beauty and personal care industry is expected to grow to $27.5 billion by 2025 from $17.8 billion in 2020, according to estimates by Indian financial services firm Avendus.

The number of online shoppers for beauty products is also projected to rise, climbing to 135 million from 25 million during that period, it added.

Reuters had reported in June that Mamaearth was in talks to raise at least $300 million for the IPO scheduled for 2023.

The company was last valued at $1.2 billion in January 2022 when it raised $52 million from investors, including U.S.-based Sequoia and Belgium's Sofina.

Investors including Sofina, Stellaris Venture Partners, Fireside Ventures, and Bollywood actor Shilpa Shetty are among those selling their stake in Honasa via the offer for sale.

Honasa said it would use about 1.86 billion rupees from the IPO for advertising expenses.

The start-up reported a consolidated restated profit of 157.2 million rupees in the year ended March 31, 2022, its financial statement showed.

Kotak Mahindra Capital, Citigroup Global Markets India, JM Financial Ltd, and J.P. Morgan India Private Ltd are the book-running lead managers for the issue.