LONDON, March 29 (Reuters) - The owners of Galderma are
postponing plans to hold an initial public offering (IPO) of the
Swiss skincare giant following a crisis of confidence in the
banking sector that has rattled global markets, a source close
to the matter said on Wednesday.
The shareholders, including Swedish buyout house EQT and the Abu Dhabi Investment Authority (ADIA), are
also reviewing Credit Suisse's role as global
coordinator for the IPO, the source added, after the troubled
lender agreed to be taken over by rival UBS in a
government-brokered rescue.
Bloomberg first reported on the IPO delay and the review of
Credit Suisse's role.
Galderma had been preparing to list as soon as after the
Easter holidays, sources had told Reuters, having previously
delayed its IPO plans because of poor market conditions.
It was planning to raise a significant amount of fresh cash
to help bring down debt, giving its owners little room to reduce
the size of the offering to complete a deal, sources said.
An investor consortium led by EQT and ADIA acquired the
company - then Nestle Skin Health - in 2019 and hired banks two
years later to arrange an IPO of the business that could value
it in excess of $20 billion.
Last year, the group was forced to postpone its listing
ambitions after the invasion of Ukraine and soaring interest
rates ground the IPO market almost to a halt, as reported.
Galderma and Credit Suisse declined to comment. ADIA did not
immediately respond to a request for comment.
(Reporting by Amy-Jo Crowley and Pablo Mayo Cerqueiro in London
and Emma-Victoria Farr in Frankfurt
Editing by Elisa Martinuzzi and Mark Potter)
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