CVC-Backed Sanitary Product Maker Mulls $500 Million IPO

(Bloomberg) -- 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.

--With assistance from Crystal Tse, Fathiya Dahrul, Cathy Chan and Joyce Koh.

To contact the reporters on this story: Vinicy Chan in Hong Kong at vchan91@bloomberg.net;Elffie Chew in Kuala Lumpur at echew16@bloomberg.net

To contact the editors responsible for this story: Fion Li at fli59@bloomberg.net, Divya Balji

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