Credit Suisse First Boston (CSFB) has braved tough conditions in the US primary market to help Elizabeth Arden, the cosmetics and perfume company, raise $62.8m (€53.2m) through its initial public offering.

Elizabeth Arden, whose shareholders include Unilever, the European packaged goods company, and Catherine Zeta-Jones, the Welsh-born Hollywood star, closed its bookbuilding period Wednesday after selling 5.75 million shares of common stock at $18.25 per share.