KKR is working with Wella Company, owner of the OPI nail polish brand, on a potential U.S. initial public offering as early as this year, according to people familiar with the matter. The private equity firm acquired Wella, which also includes the Clairol and Sebastian brands, for $4.3 billion in 2020. Sources say KKR is targeting a valuation meaningfully above that price to capitalize on Wella’s expansion into haircare and color salons, which grew systemwide revenue by 12% in 2025. The IPO could raise between $1.2 billion and $1.5 billion in new equity, and KKR plans to retain a significant stake post–offering to capture further upside in international markets.

KKR is set to report fourth-quarter results on February 5, with analysts forecasting a 10% year-over-year increase in management fee revenue to approximately $620 million and assets under management rising to $540 billion from $519 billion at September 30. Fee-related earnings are expected to help offset lower realized investment gains, which fell 18% in the third quarter due to mark-to-market adjustments. Performance fees could also see a modest uptick as several flagship private equity and credit funds approach their hurdle rates. Investors will be watching KKR’s cost structure, which expanded 7% last quarter, and any guidance updates on deployment pace into new buyouts and infrastructure opportunities.