THE WHAT? CVC Capital Partners-backed FineToday Holdings Co. has withdrawn its planned initial public offering on the Tokyo Stock Exchange’s Standard Market, citing unfavorable market conditions. This marks the company’s second cancellation of an IPO attempt within a year.
THE DETAILS FineToday had intended to list on November 5, 2025, with an indicative share price of ¥1,470 (US$9.75) and a target raise of ¥18.7 billion through new share issuance. CVC-linked Oriental Beauty Holding was also set to sell part of its st
According to sources, investor demand fell short of the company’s valuation expectations. Analysts estimated FineToday’s valuation carried a 14% premium over Japanese peers such as Kose Corp. and Shiseido Co., with an EV/EBITDA multiple of 10.4x. The company stated that any decision to revisit the IPO will depend on future market trends and that the current withdrawal reflects a focus on shareholder interests amid volatile conditions.
THE WHY? FineToday’s decision highlights the continued caution in Japan’s equity markets, particularly for consumer and personal care companies navigating post-pandemic demand shifts and investor scrutiny over growth potential. The delay underscores the challenges facing private equity-backed firms seeking exits through public listings in the current economic climate.
Source: Bloomberg
AloJapan.com