Perfume retailer Douglas plans an initial public offering (IPO) on the Frankfurt Stock Exchange aiming to raise 800 million euros ($868 million), it said on Monday, in Germany’s largest listing since Schott Pharma last September.
The share sale is due to be completed in the first quarter subject to capital market conditions. Germany’s DAX stock index hit a record high on Friday.
Douglas is targeting 800 million euros in proceeds, with an additional equity injection of around 300 million euros from existing shareholders including CVC Capital Partners, the company said.
Proceeds will be used to reduce debt, while remaining loans will be refinanced at better conditions, it said.
Based on enterprise value, Douglas is being valued between 5.5 to 6.5 billion euros including debt, with around 20% of shares in free float, according to sources.
CVC and the Kreke family behind the business will…
