Knowlton Development Corp. Inc. has set terms for its initial public offering, in which the Canada-based beauty, personal care and home care company could be valued at up to $3.22 billion. The company is looking to raise up to about $857.1 million, as it is offering 57.14 million shares in the IPO, which is expected to price between $13 and $15 a share. The company expects to have about 214.66 million shares outstanding after the IPO. The stock is expected to list on the NYSE under the ticker symbol "KDC." Goldman Sachs, J.P. Morgan, UBS Investment Bank and BMO Capital Markets are the lead underwriters. Knowlton Development recorded a net loss of $12.7 million on revenue of $603.4 million for the three months ended July 31, after a loss of $600,000 on revenue of $482.4 million in the same period a year ago. The company is looking to go public at a time that the Renaissance IPO ETF (IPO) has gained 5.2% year to date while the S&P 500 has advanced 19.0%.
-Tomi Kilgore