Puig completes formation of bank pool for public offering of shares before summer

AdminFebruary 14, 2024

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Bank of America, BNP, Santander and CaixaBank form the second line of entities that will accompany Goldman Sachs and JPMorgan in an IPO that could be one of the biggest in Europe this year. BBVA and Sabadell, in the third stage.

PoochSpanish multinational perfume, fashion and cosmetics company, owning brands such as Carolina Herrera, Paco Rabanne, Jean Paul Gaultier, Nina Ricci or Charlotte Tilburywalks firmly to the side Bag. The company has already completed the creation of a banking unionio, who will be in front public offering of shares for sale (IPO)which, if successful, will be one of the greatest stock market debuts of the year, not only in Spain but also in Europe.

Goldman Sachs and JPMorgan banks that

Goldman Sachs and JPMorgan It is the banks that will lead the placement as global coordinators, as EXPANSIÓN exclusively announced on September 14. In the second rank are Bank of America, BNP Paribas, CaixaBank and Santander with a role traditionally known as joint bookrunner, while the third row of operations is reserved for BBVA and Banco Sabadell with the role of co-lead arrangers, three market sources told the newspaper. Linklaters and Cuatrecasas They are working on the legal aspects.

The preliminary IPO schedule indicates that after Easter as the date Puig plans to press the red operation button. The goal is jump on the floor before summerwhen the market situation allows it.

Qualities

It is generally accepted in the market that Pooch is a Spanish company that is dedicated to putting an end to IPO drought this has plagued the Spanish market for years. Count with one size more than enough to attract interesting tickets and ensure stock liquidity, he has a portfolio brands who are known all over the world, working in a fast-growing sector such as luxury and besides, his height This has been an exceptional phenomenon in recent years.

Due to these and other factors such as debt of only 1,200 million eurosthere are few investment bankers who agree to classify the Spanish multinational perfume, fashion and cosmetics company as a value proposition. must have (which you need to have) in the portfolio of large international fund managers who invest in the stock market.

Grade

It was originally assumed that the assessment Pooch On stock market debut, this figure would be between 8,000 and 10,000 million depending on the company’s performance and comparable performance, but good business development and exceptional stock market performance of luxury-related companies have increased this figure sharply. .

Now some of the sources interviewed suggest that Puig’s valuation will be higher 15,000 million euros, well above the above range due to earnings growth and synergies realized from recent acquisitions.

The market states that EBITDA de Puig can be located around 900 million euros in the near future, as a result of which the enterprise value will exceed EBITDA by 16 times.

Opdenergywhich will leave the Stock Exchange shortly after Antin’s takeover bid, was the last Spanish company to ring number 1 in Madrid’s Plaza de la Lealtad, where the Stock Exchange Palace is located, almost two years ago.

For Puig, a 100% family-owned company, an IPO is the formula to give liquidity and put it down share price so that future generations can freely buy or sell their securities. It would be logical for the company to enter the market between 25% and 49% of its capital, a range that lies between the minimum required by the CNMV to begin trading and the maximum that the owner’s family can give up in order not to lose control.

Marc Puigexecutive president of the multinational corporation, confirmed in an interview the consistent information provided by EXPANSIÓN and indicated that the transition to the stock market is one of the scenarios planned for the near future of the company.

Preparatory work for jumping to the floor

Puig’s path to the stock exchange began approximately a year ago when the company reorganized its corporate structure, grouping all its businesses under the public limited company Puig Brands SA. This strategic move made it easier for the family capital group to become a star public company, an operation that would not have been possible if the parent company had been a limited liability company, as it had previously been.

Almost in parallel with the corporate restructuring, the group reorganized its board of directors to increase the weight of independent members at the expense of representatives of the owner family, another sign pointing to Puig’s debut on the stock market.

The management of the group, founded in 1914 in Barcelona, is currently in the hands of the third generation of the Puig family, whose President and CEO is Marc Puig. The stake is believed to be split at 25% between the four branches of the family, which also has stakes in Colonial, Fluidra and Flamasats, makers of Clipper lighters and Alpino pencils. The company’s last major strategic move was the acquisition of 73% of the capital of the British cosmetics company Charlotte Tilbury in 2020 for 1 billion euros, although earlier in the year it bought a majority stake in Dr. Barbara Sturm in Germany.