Spanish cosmetics group Puig seeks to raise up to 2.9 billion euros in IPO

Spanish perfume and fashion company Puig said on Thursday it aims to raise between 2.3 billion euros ($2.46 billion) and 2.9 billion euros in Spain’s largest initial public offering in almost a decade.

The maker of Paco Rabanne and Carolina Herrera fragrances is offering to sell its shares in the range between 22 euros to 24.5 euros ($23.48-$26.15) per share, according to a document sent to the Spanish stock market regulator.

It is offering 1.25 billion euros worth of new shares along with 1.36 billion euros of existing shares through the IPO. The shares will be class B, which confer fewer votes than class A shares, but the same economic rights.

A total of at least 106,530,612 shares and up to 118,636,362 will be offered.

The listing on the Madrid stock market is expected to take place on May 3 and would be the biggest in Spain since airport operator AENA’s debut in February 2015.