(Bloomberg) -- EQT AB plans to kick off an initial public offering of skin-care business Galderma in Switzerland as soon as early next month, according to people familiar with the matter, in what would be the Swedish buyout firm’s latest effort to list the company. 

Galderma could be valued at about $20 billion in the IPO, said the people, who asked not to be identified because the process is confidential. Deliberations are ongoing and final decisions on the size or timing of an IPO remain subject to market conditions, they said. 

A representative for EQT declined to comment. 

Read more: European IPO Pipeline Promises Rebound After Two Dull Years

EQT led a group that bought Galderma, the maker of Cetaphil moisturizers and Dysport muscle relaxants, from Nestle SA in 2019 for 10.2 billion Swiss francs ($11.6 billion). The firm has explored an IPO of the business a couple of times since 2021 but investor appetite for new listings soured amid a surge in interest rates.

A Galderma offering would be one of the biggest in Europe since equity capital markets cooled off at the start of 2022. 

In recent weeks bankers and corporate executives have seen early signs of a revival in global IPOs as stock indexes touched record highs from Japan to Europe to the US. 

Amer Sports Inc., the maker of Wilson tennis rackets and Salomon ski boots, has rallied since its shares began trading in New York this month, while Athens International Airport SA’s sale in Greece attracted huge demand from investors. 

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