Puig will go public at 24.5 euros per share, which is at the top end of the range.
Puig will go public at a price of 24.5 euros per share, reports the Bloomberg news portal. This price is in the high price range that the Catalan company announced in the brochure and which it set between 22 and 24.5 euros.
At this price, the IPO, which will take place this Friday, May 3rd, in Barcelona, Puig will reach a market capitalization of 13.9 billion euros and will be one of the clear candidates for participation in Ibex 35.
Tomorrow the company will complete the process of forming the order book and confirm the price of its debut on the stock market. It should be remembered that this process began on April 19 and it took Puig only a few hours to gather all the sufficient demand to complete the offer, which could reach 3,000 million euros (up from the originally announced 2,500 million euros). In fact, according to Bloomberg, investor demand will be even higher than the size of the operation.
American investors will flock to this placement.according to market sources, while some Spanish managers insist that they will not attend the operation because it is not listed as attractive (for luxury, the Catalan company is offering a premium of almost 50%).
It should be remembered that Puig and the issuing banks discussed the possibility of an IPO on another stock market other than the Spanish one, such as New York or Paris. And here is how the Catalan company will enter the stock exchange, which will issue (as in Grifols) Class A shares political rights which will belong to the family and Class B shares with fewer voting rightsdoes not fully convince the American market, which is experiencing a special case with the takeover of Paramount (the publications of the American company lose 14% of their value per year).
However, the Catalan company, which will open a new premium beauty sector in Spain, will go public through a capital increase of approximately $1.360 million through the sale of shares held by Exea (55.5 to 61 million shares), property of the Puig family and an IPO (public offer for sale), during which the company will raise approximately 1.250 million euros. This is not only the largest IPO in all of Europe in 2024, but also the largest offering on the Spanish market since Aena went public in 2015. It will surpass acquisitions of companies such as Acciona Energía (which placed more than 1,500 million shares). euros) or Cellnex (raised more than 2 billion euros).
Puig is the owner of major luxury brands such as Carolina Herrera or Rabanne, as well as major perfume and cosmetic brands such as Nina Ricci, Jean Paul Gaultier, Byredo, Charlotte Tilbury and some of the most famous. According to the company itself in its IPO brochure, it will compete with European capitalized giants such as LVMH or L’Óreal (both firms are the two largest in Europe by market value), as well as some smaller companies such as Interparfums. Coty or Estee Lauder. (these last two American companies).