Knowlton Development, which designs and manufactures products for CPG companies, postponed its IPO on Thursday. It had filed to raise $800 million by offering 57.1 million shares at a price range of $13 to $15. It had also planned to dual list on the Toronto Stock Exchange.
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.
The Longueuil, Canada-based company was founded in 1990 and booked $2.3 billion in sales for the 12 months ended July 31, 2021. It had planned 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 were set to be the joint bookrunners on the deal.
