Galderma, first IPO in Europe since January

Galderma, first IPO in Europe since January
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The proceeds from this IPO, at 2.3 billion francs, represented as much as the volume of the ten IPOs in Switzerland last year.

The Galderma laboratory’s first steps on SIX on March 22 constituted the largest IPO in Europe in the first quarter, according to the EY barometer. The operation contributed to the surge in volumes on the continent.

The listing of the former Nestlé subsidiary, held since 2019 by the Swedish investment fund EQT, was the largest in Europe, followed by the Finnish Amer Sports, which for example owns the outdoor textile brand and sports equipment Salomon, and the German perfume distributor Douglas. Volumes have thus almost tripled on the Old Continent in annual comparison, to 5.9 billion francs.

The health and life sciences sector, to which the Zug-based specialist in dermatological products belongs, accounted for a quarter of the global volume of emissions during the first three months, according to the report published on Tuesday.

The proceeds from this IPO, at 2.3 billion francs, represented as much as the volume of the ten IPOs in Switzerland last year and ranked first among all operations for ten years, underline the EY experts.

In the process, “we hope that an important impetus has been given which will allow the momentum to continue on the Swiss capital market,” underlined Tobias Meyer, in charge of IPO services at EY in Switzerland, cited in the document.

For the months to come, the expert says he is “cautiously optimistic”, as inflation is falling on a global scale and central banks are expected to lower their rates, and in fact reduce the cost of money. Mr. Meyer also relies on the fact that “around two-thirds of private equity firms” expect an increase in IPO activity in 2024.

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