Galderma Surges in Debut, Bolstering Europe IPO Recovery

Sale is success for EQT, which had eyed IPO since 2021
Skin-care company plans to repay debt with offering proceeds

WATCH: The Initial Public Offering of Galderma Group AG will not change the company, Chief Executive Officer Flemming Ørnskov says. “This was the goal from the beginning,” he tells Bloomberg Television.Source: Bloomberg

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By Swetha Gopinath and Allegra Catelli

March 22, 2024 at 8:04 AM UTC

Updated on

March 22, 2024 at 5:10 PM UTC

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Skin-care company Galderma Group AG soared 21% on its first day of trading, delivering a much needed win for Europe’s equity capital markets.

The EQT AB-backed company closed at 64 francs in Zurich on Friday, valuing it at more than 15 billion Swiss francs ($16.7 billion), following Switzerland’s biggest initial public offering of the past two decades. Galderma had priced its IPO at 53 francs share, the top end of a marketed range.