Galderma, a leading dermatology specialist, went public on SIX Swiss Exchange on 22 March 2024, in what is believed could be an early sign of a recovery in Europe’s IPO market.

At an opening price of CHF 61.00 per share, the market capitalization of Galderma is around CHF 14.5 billion.

Established four decades ago as a joint venture between L’Oréal and Nestlé, Galderma is best known for making Cetaphil moisturisers and Dysport muscle relaxants, and it was acquired from Nestlé by a consortium of institutional investors led by private equity firm EQT in 2019 and now, Galderma became a public listed company. 

Since the beginning of 2022, challenging market conditions and geopolitical tensions resulted in a drop off in IPO activity globally, but the situation now appears to be stabilising.

Christian Reuss, Head SIX Swiss Exchange

After a prolonged period of uncertainty, the macro situation is starting to normalise, evidenced by the recent falls in interest rates and inflation. We have also witnessed a recovery in global equity markets. We are confident this increasingly positive market backdrop will help usher in a succession of new and exciting IPOs in Switzerland and beyond.

Bjørn Sibbern, Global Head Exchanges

SIX Swiss Exchange is a listing destination of choice for a number of Europe’s leading companies, and provides a gateway to global financial markets and access to a deep pool of Swiss and international investors.

“SIX Swiss Exchange is in an excellent place to capitalise on this renewed market confidence. As a leading listing destination, SIX Swiss Exchange provides companies with greater visibility enabling them to raise their profile among investors” added Bjørn Sibbern, Global Head Exchanges.