We predicted that 2024 public market conditions would likely continue to present significant hurdles for beauty brands looking to maximize value via an IPO for at least the first half of the year, but we may have been wrong. As stock markets rally and interest rates are set to recede, private equity firms see a window of favorability, and beauty IPO chatter is heating up.Douglas Group: German beauty retailer Douglas owner CVC Capital Partners aims to capitalize on a rebound in European listings after holding the investment for nine years since acquiring the retailer from Advent International. They will sell as much as €907 million ($991 million) of stock in an initial public offering on the Frankfurt Stock Exchange. The price range implies an equity market value of €2.8 billion ($3 billion) and €3.1 billion ($3.3 billion) and around six times the 2024 EV/EBITDA. Shares will be priced at 26 to 30 euros ($32.8).The offering also isn’t a case of private equity doing a runner: CVC and the Kreke family are injecting an additional €300 million ($3.2 million)—for no consideration—to reduce debt on the balance sheet. And the valuation looks fairly priced compared to 14 times for its nearest peer, the American firm Ulta.“The deleveraging associated with the IPO will increase our financial flexibility and provides additional support for our successful development,” said Sander van der Laan, Chief Executive Officer of Douglas Group, in a statement.Douglas will be Europe's first major initial public offering this year. Citigroup, Deutsche Bank AG, Goldman Sachs Group, UniCredit S.p.A.