(Reuters) -UK’s Beauty Tech Group said on Wednesday its parent Project Glow Topco’s initial public offering price has been set at 251 pence to 291 pence per share, implying a market capitalisation of 280 million pounds to 320 million pounds ($378 million to $432 million).
Project Glow Topco is set to become the first company to list on London’s main market this year against the backdrop of a market that is facing a challenging year with capital outflows linked to Brexit.
The company is expected to make its market debut in October.
The IPO will include up to 11.6 million new shares to raise about 29 million pounds, alongside as many as 29.3 million shares sold by the parent’s shareholders, Beauty Tech said.
Project Glow Topco has hired Berenberg to lead the offering and N.M. Rothschild & Sons as its financial adviser.
($1 = 0.7408 pounds)
(Reporting by DhanushVignesh Babu in Bengaluru; Editing by Mrigank Dhaniwala)
