EQT pursues Galderma listing plan despite turbulent market outlook

By Emma-Victoria Farr

LONDON (Reuters) – Private equity fund EQT said on Monday it will continue preparations to list Swiss skincare firm Galderma without giving a clear timeline amid worsening market conditions caused by Russia’s invasion of Ukraine.

Sources had previously told Reuters the estimated $22 billion Zurich listing was planned for April.

A number of IPO deals have been put on ice due to the market turmoil caused by the Ukraine crisis, including GCP Co-Living REIT which pulled its initial public offering last week.

“While no decision has been made on timing, IPO preparations continue to progress well with high levels of engagement and, while the current events in the Ukraine do not affect its business in a material way, we will monitor market conditions alongside management,” Michael Bauer, EQT partner and global co-head of healthcare said in a statement.

A steady stream of stock-market listings had been expected in March, traditionally a busy month, but bankers have said some companies are postponing plans until later, due to growing investor uncertainty.

German artificial limb maker Ottobock is waiting until September to launch its multibillion-euro stock market listing because of choppy financial markets, Reuters reported earlier this month.

While Galderma’s owner EQT said the Stockholm-listed private equity fund remains committed to listing the company, it did not provide a specific timeline for the long-awaited IPO as the final decision will depend on market conditions.

Goldman Sachs, Morgan Stanley, and Credit Suisse are reportedly coordinating Galderma’s listing, alongside bookrunners Bank of America, BNP Paribas, Citi, Jefferies and UBS.

In November, Galderma acquired California-based Alastin, a firm developing clinically tested physician-dispensed anti-ageing products, Galderma chief executive Flemming Ornskov told Reuters.

(Reporting by Emma-Victoria Farr; Editing by Emelia Sithole-Matarise)