Thakral's TBTG prices IPO, targets up to $552M capitalisation

The company has agreed to sell up to 2.86 million shares, a 2.86% stake.

Thakral Corporation’s The Beauty Tech Group's (TBTG) initial public offering (IPO) has been set at $4.33 (GBP2.51) to $5 (GBP2.91) apiece, an estimated market capitalisation of approximately $483m (GBP280m) to $552m (GBP320m).

During the IPO, certain shareholders, including Thakral, will sell some of their shares. Thakral has agreed to sell up to 2.86 million shares, a 2.86% stake.

Based on the indicative price range, the group would receive a minimum of $12m (GBP6.97m) and a maximum of $13.9m (GBP8.09m) upon sale completion.

The group expects the sale to improve its financial position, both from the sale itself and the increased value of its remaining 6.04% stake held by its parent company, Project Glow Topco Limited.

($1=GBP0.58)