Swiss skincare group Galderma is going public in Switzerland. According to the Financial Times, the company aims to raise USD 2.3bn in connection with the IPO.

Galderma, which sells products to treat skin conditions such as acne and also wrinkle smoothing injections, could be listed as early as this month, CEO Flemming Ørnskov tells the Financial Times. 

The majority of the proceeds from an IPO would go towards paying and refinancing loans. 

Galderma was originally born as a joint venture between food group Nestlé and cosmetics company L’Óreal, but has since been acquired by a consortium led by Swedish listed private equity firm EQT. 

The skincare group had revenue of over USD 4bn last year and delivered an operating profit before depreciation, amortization and impairment (EBITDA) of USD 942m. 

Anonymous sources told Bloomberg News a year ago that Galderma was approaching an IPO as soon as April 2023. 

However, those plans were dropped, possibly due to stock market headwinds. 

However, the Financial Times reported in February that the plans had been revived, and on Tuesday it was announced that Galderma plans for an IPO.