Thakral Corporation on Sept 25 announced that The Beauty Tech Group's (TBTG) initial public offering (IPO) has been set at GBP 2.51 to GBP 2.91 per share, implying an estimated market capitalisation at the time of commencement of the LSE Listing of between approximately £280 million and £320 million.
TBTG has on Sept 24 lodged its prospectus for the IPO. And its IPO is expected to be launched in October.
As part of the IPO, certain existing TBTG shareholders will have to sell a portion of their existing shares. This includes Thakral. The group has in-principle committed to sell up to 2,864,515 TBTG shares representing an effective pre-dilution interest of 2.86%. Based on the indicative price range for the IPO as stated above, the group would receive a minimum of GBP 6.97 million and a maximum of GBP 8.09 million upon completion of the sale.
The total carrying value of the group’s investment in TBTG as at Dec 31, 2024, stood at $17.1 million.
The group said that it has noted the potential of a positive uplift to its overall financial position arising from the TBTG share sale and an increase in value of ots remaining effective interest of about 6.04% in TBTG held immediately following admission through parent company Project Glow Topco Limited.
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As at 10.00am, shares in Thakral are trading 1.87% higher at $1.63.
