Skin care company Galderma’s shares open higher on stock market debut

March 22, 2024 at 04:11 am EDT

ZURICH, March 22 (Reuters) – Skin care company Galderma shares started trading at 61 Swiss francs ($67.85) on the SIX Swiss Exchange on Friday, up from the final price for its initial public offering of 53 Swiss francs per share.

Galderma’s IPO, which was announced earlier this month, is likely to be one of the biggest in Europe this year. A successful debut could trigger other big flotations.

With an implied placement volume of up 2.3 billion francs, it is also the biggest in Switzerland since smart meter maker Landis + Gyr raised a similar amount in 2017.

Rising equity markets and the prospect of lower interest rates are helping to stoke investor interest in IPOs, although some companies have seen their shares drop after their debut.

Galderma, originally set up as a joint venture between Nestle and L’Oreal, sells Cetaphil, a product for damaged and sensitive skin, as well as muscle relaxants, fillers and creams to treat medical problems for conditions like rosacea.

The IPO, which consisted mainly of new shares, will generate gross proceeds of 2 billion francs, which the company has said it will use to pay down debt. ($1 = 0.8991 Swiss francs) (Reporting by John Revill and Dave Graham, editing by Rachel More and MIranda Murray)

Nestlé S.A. is the world’s leading agri-food group. Net sales break down by category of products as follows: – powdered and liquid beverages (26.7%): soluble coffees (Nescafé and Starbucks brands), coffee in capsules (Nespresso), chocolate drinks (Nesquik, Milo, etc.), tea drinks (Nestea), etc.; – pet food (19.2%): brands such as Purina, Friskies, Felix, etc.; – pharmaceutical, nutrition and well-being products (16.6%): nutritional supplements (Resource, Boost, Nutren, Optifast, Peptamen brands, etc.), infant and maternal nutrition products (NAN, illuma, Cerelac, Nido, Gerber), ketogenic beverages (BrainXpert), allergy treatment products (Palforzia), cereals (Nesquick, Fitness, Cheerios, Lion, etc.), etc.; – ready meals and seasoning products (13.2%): frozen and chilled dishes (Lean Cuisine, Hot Pockets and Stouffer’s brands), soups (Maggi), etc.; – dairy products and ice cream (12%): powdered milk, sweetened condensed milk, yoghurt and cream desserts, ice cream (Nido, Nesvita, Carnation, La Laitière, Coffee Mate, Nestlé Ice Cream, Dreyers, Häagen-Dazs, Extrême, Mövenpick brands, etc.); – chocolates, sweets and biscuits (8.6%): Kit Kat, Smarties, Cailler, Terrafertil, etc. brands; – bottled waters (3.7%): Nestlé Pure Life, Vittel, Perrier, S. Pellegrino, etc. brands. Net sales are distributed geographically as follows: Switzerland (1.2%), France (3.8%), the United Kingdom (3.6%), Germany (2.4%), Europe (12.6%), the United States and Canada (34.9%), China (6.2%), Brazil (4%), Mexico (3.7%), Chile (1.4%), Latin America (4%), Philippines (2.8%), India (2.1%), Australia (1.6%), Asia and Oceania (15.7%).