CK Hutchison targets $30B valuation for A.S. Watson IPO
Hong Kong conglomerate CK Hutchison Holdings is seeking a $30 billion valuation for its retail unit, A.S. Watson Group, in a dual Hong Kong-London IPO planned for the second quarter.
The company is gauging investor interest, with Goldman Sachs and UBS advising on the offering. Singapore’s Temasek, which owns a 25% stake in A.S. Watson, plans to exit its investment through the IPO, News.Az reports, citing Reuters.
A.S. Watson, operator of over 17,000 health and beauty stores including Watsons and Superdrug, aims to open roughly 1,000 new stores this year and has more than 180 million loyalty members. The IPO comes as CK Hutchison explores strategic options, including spinning off units and selling its ports business in a $22.8 billion deal.
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