Australias Silk Laser Clinics Seeks To Raise $61.5m Via IPO In Dec

Melbourne’s Advent Partners-backed cosmetic treatments business Silk Laser Clinics is looking to tap the bourse in December as it seeks to raise A$83.4 million ($61.5 million) via its IPO.

The development was first reported on AVCJ. The company plans to sell 24.2 million shares for A$3.45 apiece, bringing the company’s valuation at A$156.6 million.

Silk Laser Clinics is understood to have hired stockbrokers Wilsons and Ord Minnett to prepare for the listing and IPO plan.

Silk is one of Australia’s largest specialist clinic networks, with 53 clinics across the country. It offers a range of non surgical aesthetic products and services.

Silk was co-founded by its current CEO in 2009 in Adelaide.

Advent Partners invested in Silk Laser Clinics in 2018 through its second fund Advent Partners 2. At the time of investment, SILK had a network of 12 clinics across South Australia, Northern Territory and Tasmania.

‘Within a 24 month period, our investment enabled SILK to accelerate its expansion of its clinic footprint, entering new geographies across Australia to 50 locations,” Advent Partners said on its website.

Established in 1984, Melbourne-based Advent Partners is amongst the most experienced private equity firms that have invested in over 90 businesses.

The investment firm has over $500 million in funds under management. It looks for businesses with an enterprise value of A$20-A$150m and takes both minority (>30 per cent) and majority stakes.