(Bloomberg) -- Credit Suisse Group AG’s role on a €3 billion ($3.3 billion) initial public offering of private equity-backed skincare group Galderma is under review following the bank’s rescue takeover, people with knowledge of the matter said.

EQT AB, the Swedish investment firm that owns Galderma, is considering whether to keep Credit Suisse in a lead position on the deal after a government-orchestrated takeover by UBS Group AG this month, according to the people. 

The private equity firm is planning to delay the Galderma IPO—Europe’s largest of the year—until the second half of 2023 at the earliest because of increasing stock market volatility, the people said. It had been studying the feasibility of listing the business as soon as early April.

Galderma could be valued at as much as 20 billion Swiss francs ($22 billion), Bloomberg News reported previously. UBS is a bookrunner on the IPO.

Deliberations are ongoing and no final decisions on the size, timing or bank line-up for a Galderma IPO have been made, the people said, asking not to be identified discussing confidential information. Representatives for Credit Suisse, EQT and UBS declined to comment.

EQT has been exploring an IPO of Galderma, a former Nestle SA unit, since 2021. Its been frustrated in its efforts by conditions in the equity markets, which have been unfavorable for nearly 18 months. 

Companies and their advisers were hoping that signs of improvement in stocks and pent up investor demand for new listings would help reopen Europe’s IPO market. But recent turmoil stemming from the collapse of Silicon Valley Bank in the US and rescue of Credit Suisse in Europe have set things back.

Bloomberg News reported last week that German lender Oldenburgische Landesbank AG has paused work on a planned IPO that was expected to take place as early as in May.

EQT led a consortium that acquired Galderma, the maker of Cetaphil moisturizers and Dysport muscle relaxants, for 10.2 billion Swiss francs in 2019.

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