(Bloomberg) -- EQT AB is reviving plans to take skincare business Galderma public, people with knowledge of the matter said, in what’s expected to be another key test for Europe’s market for initial public offerings.

The Swedish investment firm is studying the feasibility of listing the business as soon as after the Easter break in early April, according to the people, who asked not to be identified discussing confidential information. EQT could look to raise as much as €3 billion ($3.2 billion) from a listing, they said.

That would make it the biggest IPO of 2023, data compiled by Bloomberg show, surpassing the roughly $2.5 billion that Abu Dhabi National Oil Co. is seeking to raise from a flotation of its gas business. 

Galderma could be valued at as much as 20 billion Swiss francs ($21 billion) in any deal, people familiar with the matter said last year. Deliberations are ongoing and final decisions on the size or timing of an IPO remain subject to market conditions. A representative for EQT declined to comment. 

EQT led a consortium that acquired Galderma, the maker of Cetaphil moisturizers and Dysport muscle relaxants, for 10.2 billion Swiss francs in 2019. It’s been exploring an IPO of the former Nestle SA unit since 2021 but conditions for listing businesses soured last year as fears of recessions swept across Europe.

Companies and their advisers are now betting that signs of recovering stock markets and pent-up demand for listings will help deals get away in the coming months. Germany’s United Internet AG reopened Europe’s IPO market this year with the flotation of its web hosting arm Ionos Group in Frankfurt.

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