Golden Goose and Puig ready IPOs in European deal revival - sources

Athens International Airport

09/02/2024 14:48

By Pablo Mayo Cerqueiro, Emma-Victoria Farr and Oliver Hirt
       LONDON, Feb 9 (Reuters) - European bourses could welcome
a string of new companies in the coming months, with at least
five major listings pencilled in for launch before the summer,
people familiar with the matter told Reuters.
    German perfume retailer Douglas, Swiss skincare giant
Galderma, Italian clothing brand Golden Goose, Spanish travel
technology firm Hotelbeds, and Spanish fashion group Puig are
all considering going public as soon as the first half of the
year if market conditions allow, the people said.
    No final decisions have been made, and the timing and
structure of the deals might change, the people, who spoke on
condition of anonymity, cautioned.
    Still, the plans reflect warming market sentiment towards
initial public offerings (IPOs), after high interest rates and
economic uncertainty all but froze transactions over the last
two years.
    They also illustrate how private equity groups are moving to
take advantage of improving market conditions to return capital
to their funders.
    Galderma, backed by private equity firm EQT  EQTAB.ST , is
preparing to kick off its IPO as early as next month, four
people close to the deal said. 
    The Swiss group could fetch a valuation of about $20 billion
in a listing, one of them said. 
    Meanwhile, Douglas, majority-owned by CVC Capital Partners,
is gearing up to go public as soon as this quarter, in a deal
that could value it at up to 7 billion euros ($7.6 billion),
sources have told Reuters. 
    Permira-backed Golden Goose, known for its worn-looking
sneakers, is working towards a Milan IPO in the first half, two
people familiar with the plans said. 
    The offer is expected to comprise around 1 billion euros of
shares, Reuters previously reported. 
    In Spain, family-owned Puig, known for brands like Carolina
Herrera and Paco Rabane, is eyeing a listing before the summer
if markets allow, three people familiar with the plans said. 
    Meanwhile, Hotelbeds, a business-to-business booking
solutions provider, is also considering an IPO as soon as the
first half, two people familiar with the matter said. 
    However, there is a chance it may wait until after the
summer, as holiday numbers are important for the business, one
of them added.
    The plans come after the Majorca-based group - backed by
Cinven, EQT and Canadian pension fund CPP Investments - explored
a private sale in recent months, two other sources said.
    Rising momentum for deals comes as central banks have
started signalling an end to interest rate rises in a boost for
equity markets.
    It also follows the successful IPOs of Athens International
Airport  AIAr.AT  in Greece and Triton Partners-backed defence
contractor Renk  R3NK.D  in Germany, which both saw their shares
soar on their market debuts this week.
    Besides portfolio companies, some private equity firms are
also considering joining public markets themselves. Buyout group
CVC could revive its IPO plans this year, though the timing is
still uncertain, two people familiar with the matter said.
    ($1 = 0.9276 euros)

 (Reporting by Pablo Mayo Cerqueiro, Emma-Victoria Farr and
Oliver Hirt; Additional reporting by Andres Gonzalez, Amy-Jo
Crowley and Elisa Anzolin; Editing by Elisa Martinuzzi and Mark
Potter)
 ((Pablo.MayoCerqueiro@thomsonreuters.com;))