Grooming equipment maker Harry's files for US IPO - report

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Grooming equipment maker Harry's files for US IPO - report
Credit: © Reuters.

Personal care products maker Harry's has confidentially filed for an initial public offering (IPO) with U.S. regulatory bodies, Reuters reported on Thursday.

The company, which was valued at $1.7 billion during a private fundraising event in 2021, is preparing to list on the New York Stock Exchange with the help of major investment banks such as Goldman Sachs, JPMorgan, Barclays, and Wells Fargo, the report says.

The company's investors include prominent names like Bain Capital and Macquarie Capital.

According to Reuters, citing sources familiar with the matter, Harry's is on the brink of reaching $1 billion in annual sales and is currently profitable.

The company previously caught the attention of antitrust regulators in 2020 when Edgewell Personal Care (NYSE: EPC )'s $1.37 billion acquisition attempt was blocked.

The Federal Trade Commission (FTC) intervened, citing concerns that the merger would significantly reduce competition in the shaving industry, which is largely dominated by Edgewell's Schick and Procter & Gamble (NYSE: PG )'s Gillette brands.

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