THE WHAT? AS Watson, the Hong Kong-based owner of Superdrug, is reportedly moving forward with plans for a dual stock market listing in London and Hong Kong despite ongoing market volatility and geopolitical uncertainty.
THE DETAILS The health and beauty retail group, owned by CK Hutchison Holdings, is reportedly targeting a valuation of around US$30 billion and aims to raise approximately US$2 billion through the proposed IPO. According to reports, AS Watson is working with advisers including Goldman Sachs, UBS and Latham & Watkins, with the listing expected before the end of 2026 subject to market conditions. The company is still deciding whether London or Hong Kong will serve as the primary listing venue. AS Watson operates more than 17,000 stores across 31 markets and owns retail brands including Superdrug, Savers and The Perfume Shop in the UK, alongside Watsons in Asia and Rossmann in Germany. The company generated annual revenues of HK$209 billion and EBITDA of HK$18.2 billion. The proposed listing comes amid renewed global IPO activity and increasing competition within the international health, beauty and pharmacy retail sectors.
THE WHY? A successful listing would strengthen AS Watson’s global expansion capabilities, raise the company’s international profile and provide a significant boost to London’s equity market, while highlighting continued investor interest in large-scale health and beauty retail businesses.
Source: Financial Times
