Spanish magnificence and perfume group Puig Manufacturers SA and its founding household stated the worth for the corporate’s preliminary public providing will probably be on the high finish of the vary, in Europe’s greatest itemizing up to now this yr.
The Barcelona-based agency set the worth steerage at €24.50 per share, in response to phrases seen by Bloomberg Information, giving the corporate an implied market worth of €13.9 billion ($14.9 billion). The value compares with a earlier vary of €22 to €24.5. The IPO is predicted to lift 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. Corporations within the area have raised about $8.6 billion within the yr up to now, greater than twice as a lot as in the identical interval in 2023, in response to information compiled by Bloomberg.
Based in 1914, Puig owns manufacturers reminiscent of Rabanne, Carolina Herrera and Jean Paul Gaultier. Through the years, it has branched out into skincare and make-up, most just lately 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 relations on the corporate’s board, in response to 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 reveals. The corporate intends to make use of the proceeds to refinance latest 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 predicted to start buying and selling Might 3 on the Madrid Inventory Alternate underneath the image PUIG. Orders obtained after 5 p.m. Monday are unlikely to be allotted any shares, in response to the phrases.
By Clara Hernanz Lizarraga
Study extra:
The Hazards on Puig’s Path to Changing into a True Luxurious Conglomerate
Pleasure for its IPO is constructing, however with the intention to realise its ambitions, extra acquisitions and operational bills may be required.
.){kind=link}