FRANKFURT, March 4 Reuters Perfume retailer Douglas plans an initial public offering IPO on the Frankfurt Stock Exchange aiming to raise 800 million euros 868 million, it said on Monday, in Germany39;s largest listing since Schott Pharma last September.

The share sale is due to be completed in the first quarter subject to capital market conditions. Germany39;s DAX stock index hit a record high on Friday.

Douglas is targeting 800 million euros in proceeds, with an additional equity injection of around 300 million euros from existing shareholders including CVC Capital Partners, the company said.

Proceeds will be used to reduce debt, while remaining loans will be refinanced at better conditions, it said.

Based on enterprise value, Douglas is being valued between 5.5 to 6.5 billion euros including debt, with around 20 of shares in free float, according to sources.

CVC and the Kreke family behind the business will not give up shares in the IPO, with CVC remaining majority shareholder, the intention to float document said.

Douglas was delisted from the stock exchange in 2013 after a joint takeover by financial investor Advent and the Kreke family. In 2015, the majority went to CVC for almost three billion euros.

The Douglas Group is ideally positioned to further capitalise on the large and resilient European premium beauty market, CEO Sander van der Laan said in a statement, calling an IPO the logical next step in the company39;s growth strategy.

This would be the…