Industri Kapital, the private equity firm, is still considering a stockmarket listing for Oriflame, the Swedish cosmetics company, despite news of buyers closing in.

Carnegie, the Nordic investment bank, which has been working alongside Merrill Lynch to explore disposal options of Oriflame, dismissed suggestions that an initial public offering had been shelved. However, a shortlist of buyers is understood to have been drawn up by the banks, who were appointed by Industri Kapital last September.