Boots hopes its upcoming IPO will be bigger, bolder, more beautiful
Boots is preparing for a potential IPO as early as 2027 after Sycamore Partners’ acquisition of Walgreens Boots Alliance, with the FT noting steady underlying performance and a strategic shift toward higher-margin beauty. Boots has grown sales ~6% annually over five years and saw retail sales rise 10% in early 2024 after converting about 10% of stores into “beauty halls.” Projected 2027 revenue could reach $11.7bn with operating profit near $700mn; applying peer multiples (12x) implies an enterprise value above $8bn, while an Ulta-like 18x rating could push value toward $13bn. The article argues IPO timing and market sentiment will determine the ultimate valuation, with the beauty pivot central to fetching a premium.