KKR-backed OPI nail polish owner Wella Co files for US IPO

KKR-backed Wella Company has filed for a U.S. Initial Public Offering (IPO) on Monday, joining the increasing number of consumer businesses testing investor interest in retail brands in public markets. The global hair and nail care firm, which owns a range of brands including Clairol, Sebastian Professional, and Nioxin, operates in over 100 countries and employs more than 6,000 individuals.

The surge in IPOs this year, fueled by a series of successful listings, has prompted more consumer companies to go public after a prolonged period of limited new listings of retail-focused firms.

Reformation, a womenswear brand backed by Permira, went public last month, raising $211 million. Fashion retailer Tailored Brands has also filed to list in New York. Wella traces its origins to 1880, when German hairdresser Franz Ströher established a business producing hair tulle for wigs. The firm has grown through a series of acquisitions, including a spin-off from Coty following KKR's initial investment in 2020, ultimately acquiring the remaining 25.8% of Wella for $750 million in December. KKR's initial valuation of Wella stood at $4.3 billion, including debt.

The firm reported a 9% revenue increase for the year ending June 30 at $2.94 billion, compared to the same period last year, with net income reaching $62.3 million, in contrast to an $8.7 million loss in 2025. Wella intends to list on the New York Stock Exchange (NYSE) under the symbol 'WELA'. Goldman Sachs, BofA Securities, KKR, and J.P. Morgan are among the underwriters for the offering.