KKR-backed OPI nail polish owner Wella Co files for US IPO
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FILE PHOTO: Trading information for KKR & Co is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., August 23, 2018. REUTERS/Brendan McDermid/File Photo
Aug 31 (Reuters) - KKR-backed OPI nail polish owner Wella Company filed for a U.S. IPO on Monday, adding to a growing list of consumer companies looking to tap investor interest in public markets.
The hair and nail care firm has a presence in over 100 countries, employing over 6,000 people, with primary offices in Geneva, Switzerland, New York City, London, and Calabasas, California, and a large R&D facility in Darmstadt, Germany.
Reuters reported earlier this year that the firm, which also owns Wella hair products, had been working with investment banks to prepare for the IPO.
Global investment firm KKR initially acquired a 60% stake in Wella from beauty conglomerate Coty in 2020, when Wella was carved out into a standalone company, valuing the business at $4.3 billion, including debt.
Wella intends to list on the NYSE under the symbol 'WELA'. Goldman Sachs, BofA Securities, KKR, and J.P. Morgan are among the underwriters to the offering.
(Reporting by Utkarsh Shetti in Bengaluru; Editing by Shailesh Kuber)
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