SkinKandy opens books for ASX IPO, targeting up to $149 million raising
SkinKandy, the Australian body piercing and jewellery chain, has opened books for its initial public offering on the ASX. The company is seeking to raise up to $149.1 million, which would give it a market capitalisation of between $230 million and $250 million. If successful, SkinKandy will become only the second company to list on the ASX this year, following furniture retailer Koala's listing in March.
Transaction snapshot
Deal value: Up to $149.1 million IPO raising, implying a market capitalisation of $230 million to $250 million. The indicative price range is $2.05 to $2.25 per share.
Deal multiples: 26.7x to 29.1x price-to-earnings, based on FY26 forecast earnings.
Deal type: Initial public offering (ASX listing). Approximately $6.5 million of proceeds will flow to SkinKandy's balance sheet to fund international expansion. The remainder will pay out existing shareholders.
SkinKandy is a 15-year-old retail chain with more than 100 stores across Australia. The business is led by CEO Dain Friis, a former Lovisa executive, and was founded by Mark Oliphant. The company has stated ambitions to expand internationally.
The IPO will significantly reshape SkinKandy's ownership structure. Whiteoak will reduce its holding from 78.3 per cent to approximately 28 per cent, while founder Mark Oliphant will halve his stake to around 7 per cent. Both groups of existing shareholders have signed escrow agreements. Upon listing, the company's free float will sit just under 60 per cent.
The raising is smaller than initially anticipated. Early investor conversations had pointed to a $200 million raise, but the reduced size reflects the current state of Australia's IPO market. Several other companies — including Bain Capital's Estia Health, Quadrant's Amart and TPG's Greencross — have conducted investor meetings but are yet to launch bookbuilds. Data centre business Firmus has delayed its IPO, while radiology group I-Med and EQT's Mabel are yet to commence meetings.
