Knowlton Development Corp Inc (KDC) said on Tuesday it was looking to raise up to $857.14 million through a US initial public offering, valuing the manufacturer for beauty, personal and home care brands at more than $3 billion.

The valuation, according to a Reuters report in January on the company preparing for an U.S. IPO, was pegged at more than $5 billion.

The Longueuil, Québec-based company plans to sell roughly 57.14 million shares in its IPO, priced between $13 and $15 per share, according to a regulatory filing.

KDC has applied to list its shares on the Toronto Stock Exchange as well, the filing showed. Its customer base comprises 18 of the world’s 20 largest beauty, personal care and home care companies worldwide, in terms of top retail sales in 2020.

The company, acquired in 2018 by an investor group led by buyout firm Cornell Capital, generated total annual revenue of about $2.1 billion and posted a net loss of $125.8 million for the year ended April 30.

Goldman Sachs, J.P. Morgan, UBS Investment Bank and BMO Capital Markets are the lead underwriters for the offering, after which KDC will list on the New York Stock Exchange under the symbol “KDC.”

By Sohini Podder; editor: Shinjini Ganguli.

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