The Beauty Tech Group has priced its London Stock Exchange debut at between 251p and 291p a share, setting the stage for a valuation of up to £320 million when it lists next month.
The float will raise £29 million in fresh funding for the skincare device maker, which plans to use the money to clear its debts and boost working capital.
A further 29.3 million shares are being sold by existing investors, meaning most of the proceeds will go to early backers cashing out.
In total, the offer covers just over 40 million shares, about 40% of the company, with the final price due to be confirmed following investor demand.
Beauty Tech, which was previously known as Project Glow Topco, sells a range of at-home skincare devices designed to deliver salon-style treatments, such as LED masks and microcurrent tools.
It is positioning itself as a leader in the growing market for so-called beauty tech, where cosmetics meet gadgets, and believes the listing will help raise its profile with consumers and potential partners.
In a statement, the company said the float would also help retain key staff through share-based incentives and provide “a platform for continued growth”.
As part of the process, all directors and the chief technology officer, Andrew Showman, have agreed not to sell any more shares for at least a year after the listing.
Existing shareholders have committed to holding onto their remaining stakes until at least four weeks after the publication of the group’s full-year accounts in 2026.
Retail investors in the UK will be able to take part through an “intermediaries offer”, expected to open later today when the prospectus is published.
Applications start at £500 and must be made via one of the participating brokers. The deadline for bids is 4.30 pm on 2 October.
Berenberg is acting as lead adviser and bookrunner for the deal, with Rothschild also on board as financial adviser.
The shares are expected to start trading on the main market in October.