Piercing and jewellery chain SkinKandy bankers up for $400m ASX debut
Don’t be surprised if you spot Barrenjoey and Morgans’ equity capital markets bankers rocking a piercing or two alongside holiday tans when they strut back into the office this week.
Street Talk understands the investment banks were mandated over the Christmas break as joint lead managers on the initial public offering of SkinKandy, a 15-year-old body piercing and jewellery chain led by ex-Lovisa chief operating officer Dain Friis. It comes after SkinKandy’s private equity backer, Whiteoak, in November hired Sydney’s Highbury Partnership to audition banks for the role, as reported by this column.
SkinKandy lists 88 stores on its website.
Sources said the retail chain is targeting an IPO raise of about $200 million to debut on the ASX with a valuation north of $400 million.
A non-deal roadshow to introduce the business to fund managers is yet to be pencilled in, but the company is hoping for a first-half deal while inflation is remains at a reasonable level.
It is expected to be pitched as a mini-Lovisa to small cap fundies, with a similar ability to scale without hurting financial or operating performance and a strong management team. Sources said its store rollout is largely self-funding.
