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Report: Makeup startup Ipsy testing the waters with IPO/sale plans

Personalized Beauty Discovery Inc., better known as Ipsy, is considering selling itself or listing its shares, Bloomberg News reported, citing people familiar with the matter.

Ipsy, a makeup subscription service backed by private equity firm TPG Capital, may opt for a flotation if it fails to get an attractive offer, the sources said. Ipsy is testing the waters in a so-called dual-track process, in which a company pursues both options simultaneously before selecting its preferred path.

A sale or IPO could happen in 2019, one of the sources noted.

Ipsy has not decided yet and it could remain a private, standalone company, the insiders told Bloomberg.

A sale could fetch about $2 billion, the sources added.

Ipsy spokeswoman Laura Witherspoon told the news outlet that the company does not comment on rumors or speculation.

In 2015, Ipsy raised $100 million in funding from TPG and venture capital shop Sherpa Ventures, valuing the cosmetic startup at more than $500 million, Bloomberg noted.