Knowlton Development, a Canadian maker of home and personal care products, announced terms for its IPO on Tuesday. The company plans to dual list on the Toronto Stock Exchange under the symbol "KDC".
The Longueuil, Canada-based company plans to raise $800 million by offering 57.1 million shares at a price range of $13 to $15. At the midpoint of the proposed range, Knowlton Development would command a fully diluted market value of $3.1 billion.
Knowlton states that it is a global provider of value-added solutions to many of the world's leading brands in the beauty, personal care, and home care categories. The company partners with both consumer products companies and independent brands, enabling success through ideation, formulation, design, packaging, and manufacturing of products sold under more than 1,000 different brand names. Over the past three years, Knowlton has been responsible for co-developing over 9,000 products across categories including skin care, body and hair care, soaps and sanitizers, cosmetics, deodorants, sun care, fragrances, air care, fabric care, pest control, and surface care products. Its products are sold by its brand partners in more than 70 countries.
Knowlton Development was founded in 1990 and booked $2.3 billion in sales for the 12 months ended July 31, 2021. It plans to list on the NYSE under the symbol KDC. Goldman Sachs, J.P. Morgan, UBS Investment Bank, BMO Capital Markets, BofA Securities, Guggenheim Securities, Jefferies, Morgan Stanley, and RBC Capital Markets are the joint bookrunners on the deal. It is expected to price during the week of September 20, 2021.
