COUNTDOWN BEGINS: Puig has set the pricing of its initial public offering at 24.50 euros per Class B share and confirmed it will begin trading on the Spanish Stock Exchanges on Friday.
The beauty and fashion company’s shares, priced at the top of the offering price range of 22 to 24.50 euros per share, are to be listed on the Barcelona, Madrid, Bilbao and Valencia Stock Exchanges, under the symbol Puig, through the Automated Quotation System.
The total offering size is up to 3 billion euros, and the pricing implies a market capitalization of 13.92 billion euros.
Paco Rabanne’s 1 Million
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Puig said the IPO was multiple times oversubscribed across the price range.
Buoyant equity markets and the promise of mitigating interest rates are helping drive interest in IPOs around the globe. In the beauty space, Galderma and Douglas floated in Europe last month, although Douglas disappointed on its debut.
Puig’s offering’s primary tranche will result in about 1.25 billion euros for the company, which has said it will use the proceeds to finance the acquisitions of additional interest in Byredo and Charlotte Tilbury, and to finance other investments and capital expenditures.
The secondary share offering, made by Puig SL, the group’s controlling shareholder that’s managed by Exea, the Puig family holding, will be worth about 1.36 billion euros.
Puig is granting Goldman Sachs Bank Europe SE an option to purchase, on behalf of the managers, over-allotment shares of up to about 15 percent the size of the base offering — equating to up to 390 million euros.
Once Puig’s offering is finished, the company’s founding namesake family will through Puig SL retain 71.7 percent of the group’s economic rights and 92.5 percent of its voting rights.
Carolina Herrera fall 2024
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“Today marks a decisive new chapter in the 110-year-old history of Puig,” said Marc Puig, chairman and chief executive officer of Puig, in a statement released Tuesday evening. “The pricing of our IPO reflects very strong investor demand and is a testament to the hard work and unwavering dedication of all the Puig teams, who demonstrate creativity and passion for innovation on a daily basis. We are grateful for investor support of our strategy to grow and succeed in the global premium beauty market thanks to our unique portfolio of brands.”
The Puig family has been the sole owner of the company Puig since its start in 1914.
The company operates across 32 countries with 17 brands. The largest of those sales-wise are Rabanne, Charlotte Tilbury and Carolina Herrera. Ninety-five percent of company net revenues last year, which reached more than 4.3 billion euros, came from Puig’s fully or majority-owned brands.