Perfume retailer Douglas seeks up to 30 euros per share in Frankfurt IPO

​German perfume retailer Douglas said Monday it would sell shares at 26 to 30 euros ($32.8) in of one Europe’s first major initial public offerings this year.

The company and management aim to raise up to 907 million euros, largely through the issuance of new stock.

This would give it a market capitalisation as high as 3.1 billion euros.

The company, which is controlled by CVC Capital Partners and the Kreke family, plans to start trading on the Frankfurt Stock Exchange on March 21.

Proceeds from the sale will be used to pay down company debt. The owners have committed to injecting around 300 million euros of extra capital to bolster the group’s balance sheet.

The group had more than 3 billion euros of net debt at the end of December, according to its latest quarterly disclosures, opens new tab.

Douglas’ efforts come amid growing optimism that Europe’s bruised IPO market may be on the mend after two years of muted deal activity.

Swiss skincare group Galderma has also announced plans to list and is expected to be followed by others in the coming months, including Spanish fashion group Puig and Italian sneaker maker Golden Goose.