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ROME, Oct 11 (Reuters) - Italy’s biggest beauty product supplier Intercos said on Monday it planned to list on the Milan stock exchange and would be launching the initial public offering this month, confirming a source-based report by Reuters.
The contract cosmetics maker, in which U.S. private equity firm L Catterton holds a 34% stake, was forced to shelve its IPO plans in the first half of last year due to the coronavirus crisis.
The company, based north east of Italy’s financial capital Milan, said the offering would comprise of a capital increase of up to 60 million euros ($69.47 million) worth of new shares.
The “vast majority” of existing shares will be offered for sale by L Catterton and The Innovation trust, controlled by the Ontario Teachers’ Pension Plan Board, the statement added.
The group’s founder and main shareholder, Italian entrepreneur Dario Ferari, will retain control of the company following the offering, including through the adoption of an increased voting rights mechanism, the statement added.
The company supplies make-up, skincare and hair and body products to top brands and will use the proceeds of the capital increase to fund development and growth.
The group reported revenue of 713 million euros in 2019, with an adjusted core profit of 116 million euros.
$1 = 0.8637 euros Reporting by Giulia Segreti; Editing by Kirsten Donovan
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