CK Hutchison Holdings has selected Goldman Sachs and UBS Group AG to advise on the forthcoming initial public offering of A.S. Watson Group, Bloomberg News reported on Friday, citing individuals with knowledge of the situation.
The Hong Kong-based conglomerate is reportedly collaborating with the two investment banks to orchestrate a dual-listing for its health and beauty retail subsidiary in both Hong Kong and London, according to the report.
Bloomberg noted that the move comes after Hong Kong experienced its most robust IPO activity since 2021 last year, attracting 114 listings and raising $36.5 billion, according to figures from LSEG.
A.S. Watson, which operates well-known retail chains such as Watsons and Superdrug throughout Asia and Europe, manages over 17,000 stores across 31 markets, information from the company’s website shows.
Late last year, it was reported that CK Hutchison Holdings Ltd., once again, was weighing an initial public offering for its health and beauty unit, AS Watson Group, according to sources familiar with the matter, stating that the Hong Kong conglomerate was in private talks with financial advisers about a potential listing that could take place as early as 2026.
The sale could raise at least $2 billion via a Hong Kong listing, with a dual listing in the UK also under consideration, one of the people added. AS Watson operates over 17,000 outlets in 31 markets, including Superdrug in the UK and Rossmann in Germany. The group’s portfolio also covers grocery, wine, and electronics shops in Hong Kong, as well as Watsons-branded health and beauty stores throughout Asia. Temasek Holdings Pte, Singapore’s state investment company, currently holds around a 25% stake in the business.
