The French beauty and wellness technology company’s planned listing comes as the beauty industry’s IPO window shows early signs of reopening. Companies like Wella and L’Occitane are exploring potential public offerings.

Ieva Group, which has a stable of 10 brands, is pricing its stock at 12.79 euros or, at the current exchange rate, roughly $14.65 per share and expects to raise 8 million euros or nearly $9.2 million by the close of the subscription period on March 25. Trading is slated to begin by the end of the month. Euronext Growth Paris is a market designed for smaller companies seeking access to public capital with lighter regulatory requirements than Euronext, where Coty, L’Oréal and LVMH Moët Hennessy Louis Vuitton SE trade.

Private French bank Banque Publique D’investissement (BPI) has committed to take 38% of the IPO envelope and double its investment after the IPO. CEO and serial entrepreneur Jean-Michel Karam, who founded Ieva Group in 2020, forecasts the company will exceed 100 million euros or almost $115 million on today’s terms in revenue by 2028, up from 52 million euros or $56 million over the past year.

Ieva Group currently generates 81% of its revenue in France, with 9% from the rest of Europe and 10% from Asia, specifically Japan and China. Japan accounts for about $5 million in annual revenue and China about $2 million, with Chinese sales limited now to e-commerce.

The next major growth target is the U.S., which the company plans to enter in 2027 through acquisition rather than organic expansion of one of Ieva Group’s existing brands. Ieva Group is seeking to acquire a premium beauty brand with annual sales between $10 million and $50 million that could serve as an entry point for deploying the company’s broader retail, media and subscription ecosystem.

Karam explains that entering the gigantic consumer market organically would require years of investment before profitability and that acquisition offers a faster route. He says further acquisitions by Ieva Group will zero in on beauty brands, retail experiences and media rather than technology, which he describes as already a strong capability at the company.

Ieva Group’s brand portfolio spans four business divisions: beauty brands, retail experiences, wellness and beauty technology and media. One of its assets is Ioma Paris, a premium skincare brand that Karam describes as one of the first to focus on personalization, using in-store skin analysis devices that recommend treatments and produce custom formulas within minutes. Karam founded Ioma in 2010, sold it to Unilever in 2012 and reacquired it in 2024.

Ieva Group also owns Atelier du Sourcil, a brow, lash and permanent makeup specialty retail chain with 130 stores, including 52 company and 78 franchised locations, primarily in France, with additional locations in Belgium and Italy. The franchises have generated 3 million euros or $3.4 million in royalties for Ieva Group. Another notable asset is My Little Paris, a Goop-like digital media platform with more than 4 million subscribers. Its newsletter boasts an open rate of 57%, and it has beauty subscription boxes informed by editorial storytelling.

Ieva Group runs a digital subscription platform called My Ieva that combines artificial intelligence, skin diagnostics and connected jewelry devices to deliver customized wellbeing, skincare, haircare and makeup recommendations. Subscribers begin with a smartphone-based analysis and later receive its connected jewelry that measures environmental factors such as humidity, ultraviolet exposure and indoor pollution. Ieva has 150,000 subscribers for its MyIeva, MyLittle Box and Gambette Box.

Karam describes the platform as the “Netflix of beauty,” with fitness and healthy eating content pillars along with beauty. He says a big thing is “beautiful longevity” or helping consumers maintain their appearance and wellness over time through hyper-personalization. “I said on TV that I want to die beautifully. Everybody heard it and, in fact, it was the best way of saying beautiful longevity. Everything I do is toward this,” says Karam. “I really want to die beautiful. This is the vision of Ieva.”