Swedish private equity giant EQT is reviving plans for an initial public offering of Swiss skincare group Galderma, the Financial Times reported on Sunday, citing people familiar with the matter.

Galderma is preparing for an IPO in Switzerland as soon as the first half of this year, the report said, adding the unit could be valued at roughly $20 billion.

EQT and Galderma did not immediately respond to Reuters requests for comment.

A source told Reuters last year that owners of Galderma had postponed plans for an IPO due to a crisis of confidence in the banking sector.

Soon after delaying its stock market listing, the company in June raised roughly $1 billion though a private placement of shares.

EQT had acquired Galderma – then Nestle's Skin Health arm – in 2019 as part of an investor consortium that also included the Abu Dhabi Investment Authority (ADIA) and Canadian pension fund PSP Investments.

(Reporting by Nilutpal Timsina in Bengaluru; Editing by Lincoln Feast)