Private equity firm, CVC Capital Partners, is reportedly planning an initial public offering (IPO) for the German perfume retailer, Douglas. The IPO, which is slated for 2024, could potentially value the company at a minimum of $9.7 billion, according to insiders familiar with the matter on Thursday.
The firms selected to spearhead the offering include Goldman Sachs Group Inc (NYSE:GS)., Citigroup Inc (NYSE:C)., Deutsche Bank AG (NYSE:DB), UniCredit SpA, and UBS Group AG (SIX:UBSG). It is understood that Douglas is considering selling a minimum of $1.08 billion worth of new shares in the IPO to alleviate its debt.
Rothschild & Co., an independent advisor to CVC Capital Partners, has been assisting with the exploration of a potential Frankfurt IPO for Douglas. However, discussions are still underway and no definitive decisions regarding the size and timing of the listing have been made. Representatives for CVC, Douglas, and the banks involved have declined to comment on these developments.
Douglas's revenue for its 2021/22 fiscal year was approximately $4 billion. As part of its "Let it Bloom" growth strategy, Douglas has been investing in its brick-and-mortar stores as well as enhancing its online presence.
Despite a 30% decrease in global IPO fundraising this year, recent high-profile share sales have begun to reinvigorate the market. Germany has emerged as a particularly vibrant area within Europe, with companies planning listings worth at least $20 billion.
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