The health and beauty chain, also known as CJ Olive Young, is looking to raise $1 billion in a local public offering sources say will take place early 2022, Retail News Asia reports.

Olive Young operates around 1,200 stores in South Korea, in addition to a global distribution platform serving 150 countries it launched in 2019. The business reported operating profits of $84.4 million last year.

The news comes amid a surge in Korean IPOs, which according to Refinitiv data have raised $21.4 billion this year — almost seven times the figure raised in 2020.

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