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Galderma IPO Is Expected to Be Among Europe’s Largest in 2024

PARIS — Galderma AG, the Swiss pure-play dermatology products-maker, expects to start trading on the SIX Swiss Exchange March 22 in what could become among the largest public offerings in Europe this year.

On Wednesday morning, the Zug, Switzerland-based producer of Cetaphil said it had begun the book-building process for an IPO that could raise about 2.3 billion Swiss francs, or $2.6 billion.

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IPOs are heating up in the beauty space as stock markets rally and interest-rate rises mitigate. Galderma’s news comes a day after Douglas, the German omnichannel premium beauty retailer, said it intends to go public in Frankfurt on March 21.

Spanish beauty and fashion company Puig has said it is mulling an IPO as part of strategic options for the future. And Brazil’s Natura & Co. is considering spinning off beleaguered Avon into a separate publicly traded company.

Galderma’s offering consists of up to 40,453,467 newly issued registered shares and up to 276,909 existing registered shares. The over-allotment option is up to 6,109,158 existing registered shares.

The offered shares’ price range has been set at 49 Swiss francs to 53 Swiss francs per share.

Galderma’s offer period began today and is expected to end on March 20. The final offer price should be published March 21.

The listing and first day of trading are meant to take place on March 22. Then Galderma is to be part of the Swiss Performance Index on March 25.

Inside a Galderma laboratory.
Inside a Galderma laboratory.

In 2023, the company generated sales of $4.08 billion, up 8.5 percent on a constant-currency basis year-on-year. For 2024, the group expects its sales to gain 7 percent to 10 percent at constant exchange versus 2023.

Galderma was established in 1981 as a joint venture between L’Oréal and Nestlé. Galderma’s core brand, Cetaphil, dates back to 1947.

In 2014, Nestlé acquired L’Oréal’s 50 percent stake in Galderma. Five years later, EQT Partners investment group and a wholly owned subsidiary of the Abu Dhabi Investment authority purchased the skin care company, then called Nestlé Skin Health, for an enterprise value of 10.2 billion Swiss francs, or $11.53 billion. Afterward, the group was rebranded as Galderma again.

Galderma today is present in more than 90 countries and counts 6,500 employees worldwide. Its brand include Actinica, Benzac, Azzalure, Differin and Dysport.

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