Skincare company Galderma Group is preparing for its initial public offering (IPO), which is expected to be one of the largest offerings in Europe this year, raising approximately US$2.3 billion. The IPO is to take place in Zurich and is expected to be valued at between US$13.4 billion and US$14.3 billion.

Galderma, which was founded in 1981 as a joint venture between L'Oreal and Nestlé, operates four manufacturing plants and reported net sales of approximately $4.1 billion in 2023. Its growth has been fueled by specialized skin care products such as Cetaphil, which address issues like acne, rosacea and sensitive skin. Five years ago, the firm was sold for US$10 billion to a consortium led by PE firm EQT, which included Singapore's GIC and the Abu Dhabi Investment Authority.

The planned offering marks a long-awaited revival of the European IPO market, which has been dampened by weak investor interest due to rising interest rates and inflation. Earlier this month, PE firm CVC launched an IPO of German cosmetics retailer Douglas, aiming to raise up to €1.1bn, while Permira is set to float Italian luxury shoe maker Golden Goose and German online fashion platform Best Secret.