German perfume retailer Douglas, Swiss skincare giant Galderma, Italian clothing brand Golden Goose, Spanish travel technology firm Hotelbeds, and Spanish fashion group Puig are all considering going public as soon as the first half of the year if market conditions allow, the people said.

No final decisions have been made, and the timing and structure of the deals might change, the people, who spoke on condition of anonymity, cautioned.

Still, the plans reflect warming market sentiment towards initial public offerings (IPOs), after high interest rates and economic uncertainty all but froze transactions over the last two years.

They also illustrate how private equity groups are moving to take advantage of improving market conditions to return capital to their funders.

Galderma, backed by private equity firm EQT (EQTAB.ST), is preparing to kick off its IPO as early as next month, four people close to the deal said.

The Swiss group could fetch a valuation of about $20 billion in a listing, one of them said.

Meanwhile, Douglas, majority-owned by CVC Capital Partners, is gearing up to go public as soon as this quarter, in a deal that could value it at up to 7 billion euros ($7.6 billion), sources have told Reuters.

Permira-backed Golden Goose, known for its worn-looking sneakers, is working towards a Milan IPO in the first half, two people familiar with the plans said.

The offer is expected to comprise around 1 billion euros of shares, Reuters previously reported.

In Spain, family-owned Puig, known for brands like Carolina Herrera and Paco Rabane, is eyeing a listing before the summer if markets allow, three people familiar with the plans said.

Meanwhile, Hotelbeds, a business-to-business booking solutions provider, is also considering an IPO as soon as the first half, two people familiar with the matter said.

However, there is a chance it may wait until after the summer, as holiday numbers are important for the business, one of them added.

The plans come after the Majorca-based group - backed by Cinven, EQT and Canadian pension fund CPP Investments - explored a private sale in recent months, two other sources said.

Rising momentum for deals comes as central banks have started signalling an end to interest rate rises in a boost for equity markets.

It also follows the successful IPOs of Athens International Airport (AIAr.AT) in Greece and Triton Partners-backed defence contractor Renk (R3NK.D) in Germany, which both saw their shares soar on their market debuts this week.

Besides portfolio companies, some private equity firms are also considering joining public markets themselves. Buyout group CVC could revive its IPO plans this year, though the timing is still uncertain, two people familiar with the matter said.

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