The Mumbai-based platform for personal care products will launch its initial public offering on Oct. 28 to raise up to 52 billion rupees (around $695.8 million), a source told the Economic Times.

A separate source told the publication that Nykaa will seek a valuation of $7.4 billion. Local media outlets have also announced the e-tailer’s acquisition of local direct-to-consumer skincare brand Dot & Key, though terms of the deal were not disclosed. The move is said to be Nykaa’s attempt to cater to a wider range of shoppers and cover new categories, including nutritional supplements, which Dot & Key expanded into recently.

Founded in 2012, Nykaa sells over 4,000 beauty brands and is among India’s few profitable e-commerce platforms, according to the Economic Times.

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