RIYADH: Italy"s biggest beauty product supplier Intercos said on Monday it planned to list on the Milan stock Exchange and would be launching the IPO this month, after it was shelved in the first half of last year due to the pandemic, Reuters reported. The company said the offering would comprise a capital increase of up to 60 million euros ($69.47 million) worth of new shares. The proceeds of the capital increase will be used to fund development and growth. The "vast majority" of existing shares will be offered for sale by L Catterton and The Innovation trust, controlled by the Ontario Teachers" Pension Plan Board. The group"s founder and main shareholder, Italian entrepreneur Dario Ferari, will retain control of the company following the offering. The group in which US private equity firm L Catterton holds a 34 percent stake, reported revenue of 713 million euros in 2019, with an adjusted core profit of 116 million euros.