Spain’s Puig Sets IPO Price Guidance at Top of Range

Spanish magnificence and perfume group Puig Brands SA and its founding household mentioned the worth for the corporate’s preliminary public providing will likely be on the high finish of the vary, in Europe’s greatest itemizing to date this yr.

The Barcelona-based agency set the worth steering at €24.50 per share, in keeping with phrases seen by Bloomberg Information, giving the corporate an implied market worth of €13.9 billion ($14.9 billion). The worth compares with a earlier vary of €22 to €24.5. The IPO is anticipated to boost as a lot as €2.6 billion.

Puig builds on a broad revival in European IPOs this yr following Galderma Group AG’s $2.3 billion providing in Switzerland and CVC Capital Companions Plc’s $2.15 billion IPO. Firms within the area have raised about $8.6 billion within the yr thus far, greater than twice as a lot as in the identical interval in 2023, in keeping with information compiled by Bloomberg.

Based in 1914, Puig owns manufacturers comparable to Rabanne, Carolina Herrera and Jean Paul Gaultier. Through the years, it has branched out into skincare and make-up, most not too long ago with the acquisition of Charlotte Tilbury.

Puig is run by Marc Puig Guasch, the chief govt officer and a grandson of the founder. Marc, and his cousin Manuel Puig Rocha, are the one members of the family on the corporate’s board, in keeping with the prospectus.

After the IPO, the Puig household will maintain greater than 90% of voting rights by their Class A shares, which have 5 votes every in comparison with one for the Class B inventory, the prospectus exhibits. The corporate intends to make use of the proceeds to refinance current acquisitions, pay down debt and to make future investments.

Goldman Sachs Group Inc. and JPMorgan Chase & Co. are main the IPO, and Financial institution of America Corp., BNP Paribas SA, CaixaBank SA and Banco Santander SA are additionally engaged on the deal. The inventory is anticipated to start buying and selling Might 3 on the Madrid Inventory Trade underneath the image PUIG. Orders acquired after 5 p.m. Monday are unlikely to be allotted any shares, in keeping with the phrases.

By Clara Hernanz Lizarraga

Study extra:

The Hazards on Puig’s Path to Becoming a True Luxury Conglomerate

Pleasure for its IPO is constructing, however with a purpose to realise its ambitions, extra acquisitions and operational bills is likely to be required.