Galderma SA (Ticker: GALD SW), a Switzerland-based dermatology company, is set to list on the SIX Swiss Exchange on March 22, 2024. The company, which was established in 1981 as a joint venture between L'Oréal and Nestlé, has grown to become a significant player in the dermatology market, with a presence in over 90 countries.

Galderma operates in three main segments of the dermatology market: Injectable Aesthetics (e.g. Botox), Dermatological Skincare, and Therapeutic Dermatology. The company has a consumer-centric business model, with more than 90% of its net sales paid by consumers out-of-pocket, boasting portfolio that includes well-known brands such as Restylane, Dysport, Cetaphil, and Alastin. In the year ended December 31, 2023, Galderma reported net sales of 4,082 million USD, representing an 8.5% year-on-year growth on a constant currency basis.

The IPO aims to raise approximately 2.3 billion Swiss francs (USD 2.62 billion) through the offering of over 40 million shares at a price range of 49 to 53 Swiss francs. The proceeds will be used to repaying and refinancing debt. The IPO is backed by European private equity firm EQT and other investors, with Goldman Sachs, Morgan Stanley, and UBS acting as Joint Global Coordinators and Joint Bookrunners.