Health and beauty giant AS Watson is close to pressing the button on a $30bn share listing, expected to take place by the end of 2026.
AS Watson, owner of businesses including Superdrug and Savers, intends to list its shares in London and Hong Kong, the Financial Times reported.
The flotation of the retailer, owned by billionaire Li Ka-shing’s CK Hutchison Holdings, would be a welcome vote of confidence in London’s equity markets.
AS Watson group chief executive Malina Ngai is touring the retailer’s various markets at present to mark the company’s 185th anniversary. She declined to comment to the newspaper about a potential flotation, emphasising that no decision has been made yet. She added that there was work to do to highlight the retailer’s global scale.
AS Watson has 12 retail brands operating approximately 17,000 stores in 31 markets. As well as Savers, Superdrug and The Perfume Shop in the UK, its businesses include Watsons in Asia and Rossmann in Germany. Singapore’s state-owned investor Temasek holds a stake of 25% in AS Watson.
The retailer generates annual sales of HK$209bn (£19.9bn) and EBITDA of HK$18.2bn (£1.7bn).
An AS Watson IPO would come as competitor Boots is anticipated to be split out of US owner Walgreens Boots Alliance, which was acquired last year by private equity house Sycamore Partners and the Pessina family.
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