According to AFR, Australian beauty retailer, Adore Beauty, has this week selected investment banks Morgan Stanley and UBS to spearhead its run at the ASX (Australian Stock Exchange) boards. It has also chosen Shaw and Partners, an investment and wealth management firm, as a co-lead manager.
After interviewing a selection of investment banks for the position over the last few weeks, the retailer’s board formally mandated all three firms yesterday.
These firms will be helping Adore Beauty prepare for its initial public offering, while the board and majority shareholder, Quadrant Private Equity, consider all of their options.
Sources have revealed that the mooted IPO (initial public offering) – which is when a private company lists on a stock exchange to raise funds by selling shares to investors, including members of the public – was still at a preliminary stage. The company has yet to lock in either a valuation or timetable. Early estimates predict it could potentially raise about $200m for a $600m plus valuation.
Should it front listed equity markets over the coming months, AFR expects it to be pitched as a private equity and pandemic success story, with revenue pegged at over $100m in 2020.