PAI-backed duty free business Nuance in talks with banks over IPO options

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martini drink alcohol cocktailPrivate equity-backed Swiss duty free operator The Nuance Group is said to be running a beauty parade of banks to run a potential IPO of the business.

Nuance, which is 50 per cent owned by PAI Partners, could be worth more than SWF1.2bn ($1.4bn) in the public listing according to Reuters, which cited three sources.

It said Credit Suisse and UBS had been tipped as the likely frontrunners.

The remaining 50 per cent of Nuance is owned by Italian retailer GruppoPam.

PAI bought into Nuance in 2010 by picking up a 50 per cent stake in owner Noel International for €106m.

Earlier this year it emerged that PAI had raised €1.4bn towards it latest buyout fund.

The firm is seeking to raise €3bn in total, and has been fundraising for about a year to date. PAI was reported to have passed the €1bn mark last October.

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