SkinKandy hires bankers for $400 million ASX debut

Body piercing and jewellery chain SkinKandy has appointed Barrenjoey and Morgans as joint lead managers for an initial public offering. The retail business is targeting a $200 million raise at a valuation exceeding $400 million in the first half of 2026.

Transaction snapshot

• Deal value: $200 million IPO raise; $400 million+ expected valuation

• Deal multiples: N/A

• Deal type: Initial public offering

Barrenjoey and Morgans are joint lead managers. Private equity firm Whiteoak is the current backer. Highbury Partnership acted as financial adviser on the bank selection process in November 2025. The banks were mandated over the Christmas break. A non-deal roadshow to introduce the business to fund managers has not yet been scheduled. The company is hoping to complete the float while inflation remains at reasonable levels.

SkinKandy is led by former Lovisa chief operating officer Dain Friis. Chief financial officer Carl Larzabal will join Friis in investor meetings once the roadshow begins.

The business was founded by former Suncorp and CBA financial planner Mark Oliphant in 2010. It started with one store and now operates more than 100 locations. The company's website lists 88 stores.

New South Wales has the largest footprint with 29 stores, ranging from Bondi Junction to Blacktown. Queensland follows with 21 stores. Victoria has 16 locations, Western Australia has 11, South Australia has four, and the ACT has two. Tasmania and the Northern Territory each have one store. The company operates 10 stores in New Zealand.

The stores generate more than $100 million in revenue. The business is understood to be profitable, but specific margin details have not been disclosed. Fund managers are expected to scrutinise margins and store rollout costs during investor meetings.

SkinKandy is expected to be pitched as a smaller version of Lovisa to small-cap fund managers. The business has a similar ability to scale without hurting financial or operating performance. Sources say its store rollout is largely self-funding.

Lovisa is the closest competitor. The $3.2 billion fast-fashion jewellery retailer has seen its shares rise 14% over the past 12 months. Lovisa's November 2025 trading update showed global total sales for the first 20 weeks of the 2026 financial year jumped 26.2% on the 2025 financial year, indicating consumer sentiment is holding up well.