Thakral Corporation, which owns an effective interest of 9.4% in UK-based The Beauty Tech Group, issued a clarification announcement on Feb 5 following reports that the latter is working on plans to list on the London bourse later this year. Thakral owns the stake through its investment in the group’s parent company, Project Glow Topco. The Beauty Tech Group owns brands such as CurrentBody Skin, Ziip and Tria. CurrentBody Skin’s LED mask has been used by celebrities such as reality TV star Kim Kardashian and professional tennis player Serena Williams.
On Feb 4, Sky News and other media outlets said that The Beauty Tech Group was working with German-headquartered bank Berenberg to list its shares on the main London market. Citing sources, Sky News added that the listing could value The Beauty Tech Group at GBP350 million ($590.7 million), although details such as the size of the primary share sale were not confirmed yet.
In its Feb 5 statement, Thakral noted that the valuation of its stake in The Beauty Tech Group has not been finalised yet. As such, it is unable to comment on The Beauty Tech Group’s GBP350 million valuation.
The group was also unable to confirm the veracity of The Beauty Tech Group’s IPO news, saying that based on the information it received, The Beauty Tech Group was “considering its strategic options, which may include an IPO”.
As at Dec 31, 2023, Thakral’s carrying value of its 9.4% stake is $9.4 million. Should the IPO take place with the reported valuation of GB350 million, Thakral's stake in the company would be worth $55.6 million. As at Feb 5, Thakral's shares closed flat at 67 cents, implying a market capitalisation of $85.67 million.
