THE COUNTDOWN BEGINS: Puig has priced its IPO at 24.50 euros per Class B share and confirmed the company will begin trading on Spanish stock exchanges on Friday.
The beauty and fashion company's shares, priced at the upper end of the offer price range of 22 to 24.50 euros per share, are scheduled to be listed via the Automated Quotation System on the stock exchanges of Barcelona, Madrid, Bilbao and Valencia under the symbol Puig become .
The total offering size is up to 3 billion euros, the pricing implies a market capitalization of 13.92 billion euros.
Paco Rabanne's 1 million
Courtesy of the photo
Puig said the IPO was several times oversubscribed across the price range.
Buoyant stock markets and the prospect of falling interest rates are helping to drive interest in IPOs around the globe. In beauty, Galderma and Douglas were present in Europe last month, although Douglas disappointed in his debut.
The first tranche of Puig's offer will bring the company around 1.25 billion euros. The company said it will use the proceeds to fund the acquisition of additional shares in Byredo and Charlotte Tilbury, as well as other investments and capital expenditures.
The share offering, managed by Puig SL, the majority shareholder of Exea, the Puig family holding company, will be worth around 1.36 billion euros.
Puig is granting Goldman Sachs Bank Europe SE an option to acquire over-allotment shares on behalf of the managers of up to approximately 15 percent of the size of the base offer – which corresponds to up to 390 million euros.
Once Puig's offer is completed, the company's eponymous founding family will retain 71.7 percent of the group's economic rights and 92.5 percent of its voting rights through Puig SL.
Carolina Herrera Fall 2024
Giovanni Giannoni/`
“Today marks a crucial new chapter in Puig’s 110-year history,” said Marc Puig, chairman and CEO of Puig, in a statement released Tuesday evening. “The pricing of our IPO reflects very strong investor demand and is a testament to the hard work and unwavering commitment of all Puig teams, who demonstrate creativity and passion for innovation every day. We are grateful for investors’ support in our strategy to grow and succeed in the global premium beauty market thanks to our unique brand portfolio.”
The Puig family has been the sole owner of the Puig company since its founding in 1914.
The company operates in 32 countries with 17 brands. The highest-grossing of these are Rabanne, Charlotte Tilbury and Carolina Herrera. 95 percent of the company's net sales, which reached more than 4.3 billion euros last year, came from the brands wholly or majority owned by Puig.
Comments are closed.