(Bloomberg) -- EQT AB has picked Credit Suisse Group AG and Morgan Stanley to run the planned initial public offering of skincare business Galderma, according to people familiar with the matter.

The private equity firm is also working with Lazard Ltd. on a listing of the maker of Cetaphil moisturizers and Dysport muscle relaxants, the people said, asking not to be identified discussing confidential information. EQT may add more banks to the IPO roster, the people said.

An IPO of Galderma could happen next year and EQT may seek a value of 20 billion Swiss francs ($22 billion) or more for the former Nestle SA unit, according to the people. Final decisions on valuation and the timing of the IPO will depend on investor appetite and market conditions, they said.

Representatives for Credit Suisse, EQT and Morgan Stanley declined to comment, while a spokesperson for Lazard didn’t immediately respond to a request for comment.

Galderma, headquartered in Switzerland, reported $3 billion in unaudited sales for 2020. The firm’s three business units are aesthetics, consumer care and prescriptions. EQT acquired the company in 2019.

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