Puig sets IPO target for close to €14 billion

By Amanda Pauley | Published: 22-Apr-2024

The Spanish beauty giant plans to sell Class B shares at €22 to €24.50 each, which would value the group between €12.7bn and €13.9bn

Puig’s initial public offering (IPO) will start trading on the Spanish stock market on 3 May. 

The Barcelona-based beauty group is aiming to raise approximately €3bn through the issuance of both new and existing shares. 

This would enable 21% to 24% of the company’s stock to belong to outside investors, with the Puig family retaining a majority stake. 

The group gave an expected range for its market capitalisation after the public offering of €12.7bn to €13.9bn, reported The Financial Times

Puig and its founding family plan to sell Class B shares at €22 to €24.50 each, the company said in a filing with the Spanish securities regulator.

The IPO will involve around €1.25bn of new shares, while the Puig family is offering stock to about €1.36bn. 

The number of shares will be determined by the final price of the IPO.

Puig, which owns Charlotte Tilbury, Kama Ayurveda and Rabanne, is capitalising on its growing momentum in the region’s equity markets.

The IPO will support the Spanish fragrance and cosmetics company’s expansion plans, particularly in Asia, and provide financial muscle for future growth.

Puig will list in Madrid and other Spanish stock exchanges with bankers at Goldman Sachs Bank Europe SE and J.P. Morgan SE leading the process. 

Puig confirmed earlier this month its intention to float on the Madrid and other Spanish stock exchanges

“It is important for any family business to have the right checks and balances in place, particularly during generational transitions,” said Marc Puig, Puig’s Chairman and CEO.

“We believe that the balance of being a family-owned company that is also subject to market accountability will allow us to better compete in the international beauty market during the next phase of the company’s development.”

This will be Spain’s largest IPO in nearly a decade, and if successful, could pave the way for more listings. 

Puig is not the only beauty company looking to boost its momentum with an IPO listing this year. 

Swiss skin care company Galderma started trading on the Swiss Exchange last month and shares have soared since. 

Lead image An array of Charlotte Tilbury products. 

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