Potential IPO of UK company could boost Thakral’s financial position

[SINGAPORE] Thakral Corporation is hoping to benefit from the proposed London listing of a UK-based company in which it has a stake of almost 10 per cent. On Monday (Sep 8), the company announced that Project Glow Topco, which is the parent of UK-based The Beauty Tech Group, is considering an initial public offering (IPO) on the London Stock Exchange.

Thakral holds a 9.32 per cent effective interest in The Beauty Tech Group through an investment in its ultimate holding company, Project Glow Topco. The total carrying value of the investment as reported in the latest financial statements of the group for the fiscal year ended Dec 31, 2024, is S$17.1 million.

“The board notes the potential of a positive uplift to the group’s overall financial position arising from an increase in value of the group’s pre-IPO effective interest of 9.32 per cent in The Beauty Tech Group,” said Thakral in a statement on Monday.

The company noted that it has yet to receive any information on the valuation or potential valuation of The Beauty Tech Group upon a successful IPO and London listing.

In connection to the potential IPO, Project Glow Topco has plans to publish a registration document, if it has not already done so, and apply for its ordinary shares to be traded on the main market of the London Stock Exchange, Thakral said.

“The board has directed its management to continue to keep itself posted on the progress of the IPO and to update shareholders as and when appropriate but subject always to compliance with applicable legal and regulatory requirements (including statutory restrictions) in Singapore and the UK.”

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Thakral, which is led by CEO Inderbethal Singh Thakral, holds investments in Australia, Japan and Singapore and has been listed on the Singapore Exchange (SGX) mainboard since December 1995.

Its Australia investments include over-50s lifestyle resorts under the GemLife brand.

Shares of Thakral on the SGX ended Monday S$0.02 or 1.3 per cent lower at S$1.51.