The owner of Superdrug and Savers is said to be eyeing a $30bn dual listing on the London and Hong Kong stock exhanges.
The planned IPO by AS Watson, reported by The Financial Times, is expected to take place by the end of this year.
The news comes amid expectations of the company’s UK health & beauty high street rival Boots also launching a potential IPO.
Read more: What makes Alex Baldock right for Boots’ IPO hopes?
AS Watson, owned by Hong Kong-based CK Hutchison Holdings, operates 17,000 stores worldwide, including the UK brands Superdrug, Savers and The Perfume Shop. The company delivered revenue of HK$209bn (£19bn) in 2025, up 10% year on year, while EBITDA increased by 11% to HK$18.2bn (£1.7bn).
Superdrug’s latest full accounts show profit before tax climbed by 22.6% to £136.8m in 2024, while revenue grew 7% to £1.63bn, boosted by the opening of 13 new stores.
Superdrug said in February that it would open a further 30 new stores across the UK in 2026, creating about 600 jobs, amid continuing demand for experience-led physical retail. The expansion programme includes new large-format destination stores and retail park locations.
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