Stockholm-based global investment firm EQT is reconsidering a potential $20bn initial public offering for Galderma, a pharmaceutical company and former subsidiary of Nestlé, according to a report by the Financial Times citing people familiar with the matter.
If it proceeds, the Swiss listing would be one of the biggest European IPOs in recent years.
EQT had previously considered an IPO in 2021 but was discouraged by challenges in the private equity landscape, including a rise in interest rates and patchy post-IPO performance. According to the report, EQT has fast-tracked its IPO plans this time round in light of a growing demand for cosmetic enhancements.
EQT first acquired Galderma for $10bn in 2019 from food and drink conglomerate Nestlé, having led an investor consortium including the sovereign wealth funds of Singapore and Abu Dhabi to do so. Last year, Galderma reported record net sales of $3bn in the first nine months, a 9% increase from the same period in 2022.
Galderma’s products include specialist skincare brands like Cetaphil as well as ‘injectable aesthetics’ such as fillers and botox. Last year, the company received US Food and Drug Administration approval for two new injectables targeting the cheeks and “under-eye hollows”.
Last June, Galderma raised about $1bn in a private placement from existing and new shareholders with a view to strengthening its balance sheet and fund expansion.
The timing and size of the deal has not been finalised and are subject to change.
