Swedish private equity behemoth EQT is reportedly rekindling its ambitions for the initial public offering (IPO) of Swiss skincare powerhouse Galderma, according to insider sources cited by the Financial Times on Sunday.
Galderma is said to be gearing up for its IPO in Switzerland, with a potential launch in the first half of the current year, and market speculations indicate a valuation of approximately $20 billion for the unit.
Despite Reuters reaching out for comments, both EQT and Galderma have not yet responded to the requests.
The decision to proceed with the IPO follows a setback in the previous year, where the owners of Galderma had to shelve their IPO plans due to a crisis of confidence within the banking sector, as revealed by an anonymous source to Reuters.
After the postponement, the company took an alternate route in June, securing around $1 billion through a private placement of shares.
EQT had initially acquired Galderma, previously Nestle’s Skin Health arm, in 2019 as part of an investor consortium that included the Abu Dhabi Investment Authority (ADIA) and Canadian pension fund PSP Investments.
