Sweden’s EQT plans for $20 billion Gladerma IPO in 2024

Gladerma IPO: Swedish private equity firm EQT is reportedly revisiting its plans for an initial public offering (IPO) of Swiss skincare group Galderma, as revealed by sources familiar with the matter, according to the Financial Times. The IPO is anticipated to take place in Switzerland in the first half of this year, with a potential valuation of approximately $20 billion.

This move marks a resurgence of the IPO plans that were previously put on hold by Galderma's owners due to a crisis of confidence in the banking sector, as reported by a source to Reuters last year. Following the postponement, Galderma successfully raised around $1 billion in June through a private placement of shares.

EQT, which acquired Galderma in 2019 from Nestle as part of an investor consortium that included the Abu Dhabi Investment Authority (ADIA) and Canadian pension fund PSP Investments, declined to provide comments on the revived IPO plans. Galderma, likewise, did not respond to a Reuters request for comment.

The potential IPO is expected to reignite interest in Galderma, a leading player in the skincare industry, and could signal a strategic move amid evolving market conditions. As the situation develops, further details about the IPO and its implications for both EQT and Galderma are anticipated to emerge.

(With Reuters inputs)