MILAN (Reuters) – Italy’s biggest make-up supplier Intercos has dusted off plans to list on the Milan stock exchange and is looking to launch its initial public offering (IPO) in October or November, three sources close to the matter said on Thursday.
The contract cosmetics maker, in which U.S. private equity firm L Catterton holds a 34% stake, was forced to shelve its IPO plans in the first half of last year due to the coronavirus crisis.
Intercos is working with banks on the new planned IPO, according to the sources. It could list a stake of up to 50%, as it had intended to do in 2020, one of the people said.
Last year, it had been looking for a valuation up to 1.5 billion euros ($1.8 billion) for the company as a whole, people familiar with the matter said at the time here.
Intercos was not immediately available to comment.
The company supplies make-up and skincare products to top brands but cannot disclose the names of clients. Its main shareholder is Italian entrepreneur Dario Ferrari with a stake of about 44%, with the Ontario Teachers’ Pension Fund owning 21%.
Singapore’s sovereign wealth fund GIC is also an indirect investor in the firm since last December.
The group reported revenues of 713 million euros in 2019, with an adjusted core profit of 116 million euros.
Headquartered north of Milan, it has plants and research centres across Europe as well as in China and the United States. ($1 = 0.8465 euros)
Reporting by Elisa Anzolin and Stephen Jewkes; Editing by Valentina Za and Pravin Char
Source: Reuters
