Superdrug owner AS Watson eyes London flotation

AS Watson, the Hong Kong-based owner of Superdrug, is continuing plans for a potential $30 billion dual stock market listing.

The company could raise approximately $2 billion through listings in both London and Hong Kong before the end of 2026, according to the Financial Times.

The publication said AS Watson, which is owned by CK Hutchison Holdings, is working with advisers including Goldman Sachs, UBS and Latham & Watkins on the proposed IPO, although plans remain subject to market conditions.

A decision on whether London or Hong Kong would serve as the primary listing venue has not yet been finalised, according to a person familiar with the matter.

AS Watson CEO Malina Ngai declined to comment on any potential IPO, saying no decision had yet been made. However, she said the company was focused on demonstrating the scale of its international business.

Speaking during a roundtable marking its 185th anniversary, Ngai shared that the company was prioritising resilience amid increasing economic and geopolitical uncertainty.

“We know the world has become uncertain and volatile,” Ngai said. “What we are trying to do is be very agile.”

AS Watson said it is focused on maintaining operational flexibility across its global business, which employs around 140,000 people worldwide, and that the UK remains a key market for the group.

Through its UK retail brands - Superdrug, The Perfume Shop and Savers - AS Watson said it aims to serve consumers across a range of income groups during the ongoing cost-of-living pressures.

“The UK market is a very important strategic investment for us,” Ngai said.

"We know the world has become uncertain and volatile," Ngai said. "What we are trying to do is be very agile."

Founded in 1841 as the Hong Kong Dispensary, the city’s first Western-style pharmacy, AS Watson has since grown into an international health and beauty retail group and a major subsidiary of CK Hutchison Holdings.

The company entered the UK market in 2000 through its acquisition of Savers, followed by further acquisitions including Superdrug and The Perfume Shop.