Skincare company Galderma Group AG set the price range for a 2.3 billion Swiss-franc ($2.6 billion) initial public offering, in what would be the largest listing in Europe since that of Porsche AG in 2022.
The shares are being marketed at 49 to 53 Swiss francs apiece through March 20, the EQT AB-backed company said in a statement, with the stock set to start trading two days later. Based on the offer price range, Galderma will have an implied market capitalization of up to 12.6 billion francs.
Including debt, Galderma would be valued at $16.4 billion to $17.3 billion, according to people familiar with the matter.
The IPO marks a long-awaited revival of the region’s listings market, which has been dragged down by weak investor appetite amid rising rates and inflation. The total value of IPOs announced this year has already more than doubled the $2.2 billion raised in the first quarter of 2023, according to data compiled by Bloomberg.
