The Brief:
SkinKandy hits the ASX, raising $160m in one of 2026's biggest retail floats.
Gilbert + Tobin lands the mandate, its second major ASX listing in 2026 after Koala.
It’s been a tough year to float.
Sharemarket volatility has already pushed Greencross and Estia off the ASX runway. Against that backdrop, SkinKandy — Australia and New Zealand’s biggest piercing chain — has held its nerve.
The $160m IPO landed today at $2.20 per share, valuing the business at $245m.
The deal
The book build was covered early, upsized from $149m on the back of strong institutional demand.
The raise includes $20m in primary capital, with $6.5m earmarked for international expansion. The US comes first, then South Africa and the UK, with a longer-term target of 500-plus stores globally. Right now, SkinKandy runs more than 100 locations across ANZ.
Founded in 2010 by Mark Oliphant and majority-owned by Whiteoak Capital, the business generates $23.5m EBITDA on a 27% margin, with like-for-like earnings growing at 8%. The IPO prices at 27.8x forecast FY26 net profit.
For Whiteoak, it’s a milestone. This is the private equity firm’s first exit of a portfolio company via IPO.
Who’s acting
Gilbert + Tobin advised SkinKandy, led by partner Adam D'Andreti, supported by Lucy Hall, Catherine Wei, Hayden Rayen and Francis Burfitt.
D'Andreti said the result spoke to where investor appetite actually sits right now.
“In a volatile market, the successful pricing of this IPO shows there is still strong investor demand for great businesses with credible growth plans.”
The mandate makes it back-to-back for G+T. The firm advised furniture retailer Koala on its ASX debut earlier this year.
Source: Gilbert + Tobin