CVC’s FineToday Is Said to Pick Banks for Year-End Tokyo IPO

Posted by Admin November 5, 2024 Bussiness

(Bloomberg) — Japanese personal-care business FineToday Holdings Co. has selected banks for a potential initial public offering that could take place as soon as before the year end, according to people familiar with the matter.

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Daiwa Securities Group Inc., Mizuho Financial Group Inc., SMBC Nikko Securities Inc. and UBS Group AG are the lead underwriters, the people said, asking not to be identified discussing confidential information.

Bloomberg News reported in May that CVC Capital Partners Plc, which has a majority stake in FineToday, was seeking a valuation of $2 billion to $3 billion in an IPO in Tokyo.

Considerations are ongoing and details of an IPO haven’t been finalized, they said.

Representatives for FineToday and CVC didn’t immediately respond to requests seeking comment. Daiwa, Mizuho, SMBC and UBS declined to comment.

FineToday was established in 2021 after being spun-off from Shiseido Co.’s personal-care products business. Shiseido earlier this year sold its 20% stake in FineToday to Oriental Beauty Holding, an entity backed by CVC, for an undisclosed amount.