CVC-Backed FineToday Revives IPO Plans with $127M Raise

FineToday Holdings, backed by CVC Capital Partners, is considering a global IPO after canceling a previous attempt last year. The company is seeking to raise ¥18.7 billion ($127 million) and has filed for approval with the Tokyo Stock Exchange. Goldman Sachs, Daiwa Securities, SMBC Nikko Securities, and UBS Group are joint global coordinators. FineToday canceled its previous IPO due to a mismatch in valuation expectations.

FineToday Holdings Co., backed by CVC Capital Partners Plc, has initiated discussions with institutional investors to gauge interest in a potential global share sale, following the cancellation of its previous IPO attempt last year. The Tokyo-based personal-care goods maker has filed for approval with the Tokyo Stock Exchange to list its shares, with a target to raise ¥18.7 billion ($127 million) [1].

The company, which had previously aimed to list on Tokyo's blue-chip Prime Market, cited market conditions as the reason for the cancellation of its initial public offering (IPO) last December. A mismatch in valuation expectations between investors and the company was the primary factor contributing to the IPO's failure [1].

FineToday is now exploring a second attempt at an IPO, with Oriental Beauty Holding set to sell its stake in the company. The amount of shares offered will be determined once the Tokyo Stock Exchange approves the listing. Goldman Sachs Group Inc., Daiwa Securities Group Inc., SMBC Nikko Securities Inc., and UBS Group AG are serving as joint global coordinators for the deal [1].

The Japanese share market has shown a bullish sentiment, with the Nikkei 225 climbing to a record high last month, boosted by a trade agreement with the US and signs of corporate reforms. This positive outlook is expected to support the IPO market in Japan [1].

Companies have raised ¥589 billion from IPOs so far this year, the highest since 2014, according to Bloomberg-compiled data. However, political uncertainties and the possibility of policy paralysis in Japan remain risk factors for investors [1].

FineToday's IPO attempt comes amid ongoing government reforms in Armenia, where Prime Minister Nikol Pashinyan met with Jared Cohen, President of Global Affairs at Goldman Sachs, to discuss cooperation and investment opportunities [2].

References:
[1] https://www.bloomberg.com/news/articles/2025-09-02/cvc-backed-finetoday-gauges-appetite-for-ipo-in-second-attempt
[2] https://armenpress.am/en/article/1228400