Magnificence Merchandise Provider Knowlton Targets Over $3B Valuation in US IPO | The Enterprise of Magnificence

Make-up bag with magnificence merchandise. Shutterstock.

Knowlton Growth Corp Inc (KDC) mentioned on Tuesday it was seeking to increase as much as $857.14 million by means of a US preliminary public providing, valuing the producer for magnificence, private and residential care manufacturers at greater than $3 billion.

The valuation, in keeping with a Reuters report in January on the corporate making ready for an U.S. IPO, was pegged at greater than $5 billion.

The Longueuil, Québec-based firm plans to promote roughly 57.14 million shares in its IPO, priced between $13 and $15 per share, in keeping with a regulatory submitting.

KDC has utilized to record its shares on the Toronto Inventory Trade as properly, the submitting confirmed. Its buyer base includes 18 of the world’s 20 largest magnificence, private care and residential care corporations worldwide, when it comes to prime retail gross sales in 2020.

The corporate, acquired in 2018 by an investor group led by buyout agency Cornell Capital, generated whole annual income of about $2.1 billion and posted a internet lack of $125.8 million for the yr ended April 30.

Goldman Sachs, J.P. Morgan, UBS Funding Financial institution and BMO Capital Markets are the lead underwriters for the providing, after which KDC will record on the New York Inventory Trade below the image “KDC.”

By Sohini Podder; editor: Shinjini Ganguli.

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