Puig, the Barcelona-based fragrance and cosmetics powerhouse, has unveiled its long-awaited plans to go public. In a prospectus filed with the Spanish National Securities Market Commission (CNMV), the company announced May 3rd as the target date for its initial public offering (IPO). Puig plans to list its shares at a price between 22 and 24.5 euros each, implying a potential valuation between 12.7 and 13.9 billion euros.
Puig Family Retains Control
In an expected move, the Puig family will retain a majority stake in the company even after the IPO. Through its holding company, Exea, the family will maintain up to 91.8% of voting rights, thanks to a dual-class share structure. This means their share ownership could drop as low as 68% but they will maintain outsized decision-making power.
IPO Proceeds and Investor Interest
The company has indicated its desire to raise approximately 3 billion euros by selling both new and existing shares. A portion of the proceeds will be used to repurchase minority interests in the Charlotte Tilbury brand and refinance outstanding debt. Puig will begin accepting orders from investors tomorrow, with the order book closing on April 30th.
A Major Market Debut
Puig's IPO is poised to be the largest in Spain since Aena floated in 2015. The company comes to market with robust 2023 results that saw revenues of 4.3 billion euros and net profits reaching 465 million euros.
Goldman Sachs and JP Morgan will lead the IPO as global coordinators, with numerous other banks including Santander, Bank of America, CaixaBank, BNP Paribas, BBVA, Sabadell, and Oddo also playing key roles.
Important Considerations
The Puig prospectus openly acknowledges the family's ability to maintain control and limit shareholder input, as well as the potential for interests to diverge between the founding family and minority shareholders. This structure could potentially discourage takeover attempts in the future.
