Italy’s biggest beauty product supplier Intercos said on Monday it planned to list on the Milan stock exchange and would be launching the initial public offering this month, confirming a source-based report by Reuters.
The contract cosmetics maker, in which US private equity firm L Catterton holds a 34 percent stake, was forced to shelve its IPO plans in the first half of last year due to the coronavirus crisis.
The company, based north east of Italy’s financial capital Milan, said the offering would comprise of a capital increase of up to €60 million ($69.47 million) worth of new shares.
The “vast majority” of existing shares will be offered for sale by L Catterton and The Innovation trust, controlled by the Ontatio Teachers’ Pension Plan Board, the statement added.
The group’s founder and main shareholder, Italian entrepreneur Dario Ferrari, will retain control of the company following the offering, including through the adoption of an increased voting rights mechanism, the statement added.
The company supplies makeup, skin care and hair and body products to top brands and will use the proceeds of the capital increase to fund development and growth.
The group reported revenue of €713 million in 2019, with an adjusted core profit of €116 million.
By Giulia Segreti; editor: Kirsten Donovan.
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