Puig, the renowned Spanish beauty conglomerate known for beloved brands such as Paco Rabanne and Charlotte Tilbury, is gearing up for its debut on the stock market through an initial public offering (IPO). This IPO is set to be the largest in Europe this year.
According to the Financial Times (FT), the company aims for a valuation of up to €14 billion ($14.92 billion).
Puig is slated to commence trading on May 3rd, with an expected market capitalization ranging between €12.7 billion ($13.54 billion) and €13.9 billion ($14.81 billion).
The IPO will entail the sale of €3 billion ($3.2 billion) worth of shares, accounting for 21% to 24% of the company’s ownership.
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The Puig family founders will maintain majority control.
With its headquarters in Barcelona and a rich heritage spanning over 110 years, Puig will list its shares on the Madrid Stock Exchange in addition to other Spanish exchanges.
The IPO process is being spearheaded by investment banking giants Goldman Sachs and JPMorgan.
The company plans to utilize the raised capital for “general corporate purposes,” which may include funding additional acquisitions.
The primary offering of the IPO comprises approximately €2.6 billion ($2.77 billion) in shares, with Goldman Sachs granted an additional allotment option of €390 million ($415.66 million).
The bookbuilding process, which assesses investor interest, concludes on April 30th.
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The ultimate share price will be established upon the conclusion of the bookbuilding process.
“We believe that being a family-owned company with market accountability will enable us to remain competitive in the market throughout the next phase of the company’s development,” said Marc Puig.
The IPO sets Puig up for substantial expansion and reinforces its status as a key player in the global beauty industry.