Galderma owners delay IPO, review Credit Suisse role - source

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 EQTAB.ST and the Abu Dhabi Investment Authority (ADIA), are also reviewing Credit Suisse's CSGN.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)


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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