In a remarkable stride forward, Galderma Group AG, a Swiss skincare powerhouse, commenced trading publicly following the triumphant pricing of its $2.4 billion initial public offering (IPO), ushering in an exciting new chapter in its growth trajectory.
Galderma Starts Trading In Switzerland After Pricing IPO : A Spectacular Launch
Galderma, backed by private equity firm EQT, kickstarted its offering on Thursday, valuing each share at 53 Swiss francs ($59), surging to the zenith of its previously announced price spectrum. This strategic move paved the way for a monumental $2.4 billion IPO, propelling Galderma into the public domain.
Trading Under the Spotlight
With fervent anticipation, Galderma’s shares hit the trading floor of the SIX Swiss Exchange on Friday morning, adorned with the ticker symbol GALD, signifying its grand entrance into the bustling market.
Legal Minds Behind the Scenes
Navigating the intricate legal landscape, Galderma enlisted Zurich-based law firm Homburger AG as its domestic counsel, while Davis Polk & Wardwell LLP spearheaded its international legal affairs. Not to be outdone, Swiss law firm NKF and Freshfields Bruckhaus & Deringer LLP lent their expertise to represent Galderma’s underwriters, both domestically and internationally.
Galderma Starts Trading In Switzerland After Pricing IPO : A Journey of Transformation
Established in 1981 as a collaborative effort between L’Oreal and Nestle, Galderma embarked on a transformative journey, culminating in its privatization in 2019 by an EQT-led consortium, valued at approximately $10.2 billion. During its tenure as a private entity, Galderma diligently cultivated an integrated dermatology platform, propelling it towards robust growth. Noteworthy among its repertoire of products is Cetaphil, a renowned moisturizer catering to sensitive skin and various other dermatological conditions, contributing to its reported revenue of $4.1 billion in 2023.
Charting the Course Ahead
Buoyed by its stellar performance, Galderma charts a course brimming with promise as it ventures into 2024. With a steadfast commitment to outperforming the market, the company sets its sights on a path laden with differentiated biologic launches, coupled with a strategic focus on margin expansion in the medium term.
Galderma Starts Trading In Switzerland After Pricing IPO : The Road to IPO
Galderma’s decision to embark on an IPO journey was announced on March 6, marking a pivotal moment in its evolution. On March 13, the company unveiled a price range for the offering, intending to offer 40.5 million shares priced between 49 and 63 Swiss francs. With the majority of IPO proceeds earmarked for debt repayment, Galderma’s IPO stands as a testament to its unwavering commitment to financial prudence and strategic growth.
Galderma’s Ripple Effect
Galderma’s IPO reverberates across the European corporate landscape, as more companies seize the opportunity to explore public offerings following a two-year hiatus in equity markets. The fervor extends to German cosmetics retailer Douglas, backed by private equity firm CVC Capital Partners, which recently set the stage for an estimated €907 million ($993 million) IPO, poised to debut on the Frankfurt Stock Exchange.
