Spanish beauty and fragrance group Puig Brands SA and its founding family raised €2.6 billion ($2.8 billion), pricing shares at the top end of the marketed range in Europe’s biggest listing so far this year.
The Barcelona-based firm and its shareholders sold 106.5 million shares at €24.50 apiece, according to a statement confirming an earlier report by Bloomberg News. The price compares with a previous range of €22 to €24.50.
At the IPO price, Puig has a market value of €13.9 billion, according to the statement. The listing drew orders for multiple times the number of shares available.
The listing of Puig, a company founded over a century ago, is contributing to a broad resurgence of European initial public offerings this year, following Galderma Group AG’s $2.3 billion offering in Switzerland and CVC Capital Partners Plc’s $2.15 billion IPO. Collectively, companies in the region have raised about $8.6 billion so far this year, more than twice as much as in the same period in 2023, according to data compiled by Bloomberg.
Puig, which is ran by the third generation of the founding family with Marc Puig Guasch as chief executive officer, is primarily focused on selling fragrances. Its portfolio includes brands like Rabanne, Carolina Herrera and Jean Paul Gaultier, and more recent acquisitions such as niche perfume houses Byredo or l’Artisan Parfumeur. In recent years Puig has also strengthened its makeup and skincare offerings with the purchase of Charlotte Tilbury.
The company intends to use the proceeds from the share sale to refinance recent transactions and support the growth of its portfolio.
After the listing, the Puig family will hold more than 90 percent of voting rights through their Class A shares, which have five votes each compared to one for the Class B stock, the prospectus shows.
Goldman Sachs Group Inc. and JPMorgan Chase & Co. are leading the IPO, and Bank of America Corp., BNP Paribas SA, CaixaBank SA and Banco Santander SA as joint bookrunners. The stock is expected to begin trading May 3 on the Madrid Stock Exchange under the symbol PUIG.
By Clara Hernanz Lizarraga
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Spain’s Puig Sets IPO Price Guidance at Top of Range
The Barcelona-based firm set the price guidance at €24.50 per share, according to terms seen by Bloomberg News, giving the company an implied market value of €13.9 billion ($14.9 billion).
