Physical layer multicasting is an efficient transmission technique that exploits the beamforming potential at the transmitting nodes and the broadcast nature of the wireless channel, together with the demand for the same content from several UEs. This paper addresses the max-min fair multigroup multicast beamforming optimization, which is an NP-hard problem. We propose a novel iterative elimination procedure coupled with semidefinite relaxation (SDR) to find the near-global optimum rank-1 beamforming vectors in a cell-free massive MIMO (multiple-input multiple-output) network setup. The proposed optimization procedure shows significant improvements in computational complexity and spectral efficiency performance compared to the SDR followed by the commonly used randomization procedure and the state-of-the-art difference-of-convex approximation algorithm. The significance of the proposed procedure is that it can be utilized as a rank reduction method for any problem in conjunction with SDR.