(Bloomberg) -- Japanese personal-care business FineToday Holdings Co. has selected banks for a potential initial public offering that could take place as soon as before the year end, according to people familiar with the matter.
Daiwa Securities Group Inc., Mizuho Financial Group Inc., SMBC Nikko Securities Inc. and UBS Group AG are the lead underwriters, the people said, asking not to be identified discussing confidential information. The firm may seek to raise as much as $1 billion in its IPO, two of the people said.
Bloomberg News reported in May that CVC Capital Partners Plc, which has a majority stake in FineToday, was seeking a valuation of $2 billion to $3 billion in an IPO in Tokyo.
Considerations are ongoing and details of an IPO including size and timing haven’t been finalized, the people said.
FineToday, Daiwa, Mizuho, SMBC and UBS declined to comment. A representative for CVC didn’t immediately respond to a request seeking comment.
FineToday was established in 2021 after being spun-off from Shiseido Co.’s personal-care products business. Shiseido earlier this year sold its 20% stake in FineToday to Oriental Beauty Holding, an entity backed by CVC, for an undisclosed amount.
(Adds IPO potential size in second paragraph, FineToday comment in fifth.)
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