German perfume retailer Douglas aims to sell as much as €907 million ($991 million) of stock in its initial public offering, as owner CVC Capital Partners capitalises on a rebound in European listings.

The shares are being marketed at €26 to €30 each, the company said in a statement late Monday. The IPO kicked off Tuesday and indicated demand for the stock already exceeds the deal size, according to terms seen by Bloomberg.

The offering seeks to raise about €850 million for the company through the sale of new stock, while the controlling shareholder — Kirk Beauty International SA, a holding company owned by CVC and the founding Kreke family — will sell about €57 million of existing shares to cover tax obligations for participants in management equity programmes.

The offering will consist of as many as 34.6 million newly issued shares, with the final number determined based on the final offer price. The company also expects to get an additional equity injection of €300 million from the current shareholder into the capital reserve, bringing the total equity contribution to Douglas to about €1.15 billion.

The price range implies an equity market value of €2.8 billion and €3.1 billion, Douglas said.

The listing comes as IPOs pick up after two slow years brought on by the surge in interest rates. Skincare business Galderma Group AG is looking to raise about $2.3 billion in Switzerland, while buyout firm Permira is looking to list luxury Italian shoemaker Golden Goose and German fashion retail club Best Secret.

Dusseldorf-based Douglas plans to use the proceeds to reduce debt, the company said, confirming the plan it outlined last week in announcing the planned IPO. The company plans to refinance its remaining borrowings in connection with the listing.

CVC and the Kreke family will remain the main shareholders after the IPO, the company said.

The offering runs through March 19, with the first day of trading planned for March 21 on the Frankfurt Stock Exchange.

Citigroup Inc., Deutsche Bank AG, Goldman Sachs Group Inc., UniCredit SpA and UBS Group AG are working on the offering.

By Phil Serafino

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CVC-Owned Beauty Chain Douglas Seeks $1.2 Billion in Listing

Perfume retailer Douglas is looking to raise as much as €1.1 billion ($1.2 billion) through a listing in Frankfurt, as private equity owner CVC Capital Partners bets on a rebound in European initial public offerings.