PT Softex Indonesia, a sanitary product maker backed by private equity firm CVC Capital Partners, is planning an initial public offering that could raise as much as $500 million, according to people with knowledge of the matter.
The Tangerang-based company has met with potential advisers for a share sale in Indonesia that could happen as soon as this year, the people said, asking not to be identified because the information is private.
Deliberations are on-going, and CVC and the company could opt to sell the business instead, the people said. A representative at Softex confirmed the company is planning an IPO, without giving more details. A representative for CVC declined to comment.
Founded in 1976, Softex sells its products in more than 35 countries, including developing economies where clean feminine-hygiene products are often considered luxury. Apart from its namesake sanitary pad brands, Softex also makes diapers named “Happy Nappy” and wet wipes, according to its website.
CVC bought a significant minority stake in the Indonesian company in 2015, which was the private equity firm’s fourth investment in the Southeast Asian nation at that time.