MILAN (Reuters) - Italian make-up company Intercos is in the process of picking banks for an initial public offering (IPO) which is expected to take place in the first half of next year, two sources close to the matter said on Friday.
The company, controlled by Italian entrepreneur Dario Ferrari, was forced to pull a planned market listing at the end of 2014. Its other main shareholders are U.S. private equity firm Catterton, with a 34% stake, and Ontario Teachers’ Pension Fund with around 21%.
Both funds are expected to sell shares in the IPO, while it is not yet clear whether Ferrari, which retains the majority of voting rights, will also reduce his stake.
Intercos could float around 40-50% of its capital and has picked Rothschild as financial adviser for the market listing, one of the sources said.
According to the same source the company could be valued at up to 1.5 billion euros ($1.67 billion). A second source said that the group is worth more than 1 billion euros.
Global coordinators are expected to be appointed soon and UBS (UBSG.S) is likely to be one of them, according to one of the sources. Intercos and UBS were not immediately available to comment. Rothschild declined to comment.
Intercos, which produces cosmetics for other brands, reported revenues of 692 million euros in 2018, with an adjusted core profit of around 101 million euros. At the end of last year net debt stood at 184 million euros.
Reporting by Elisa Anzolin, editing by Silvia Aloisi