Spanish magnificence and perfume group Puig Manufacturers SA and its founding household raised €2.6 billion ($2.8 billion), pricing shares on the high finish of the marketed vary in Europe’s greatest itemizing up to now this yr.
The Barcelona-based agency and its shareholders offered 106.5 million shares at €24.50 apiece, in keeping with an announcement confirming an earlier report by Bloomberg Information. The value compares with a earlier vary of €22 to €24.50.
On the IPO worth, Puig has a market worth of €13.9 billion, in keeping with the assertion. The itemizing drew orders for a number of occasions the variety of shares out there.
The itemizing of Puig, an organization based over a century in the past, is contributing to a broad resurgence of European preliminary public choices this yr, following Galderma Group AG’s $2.3 billion providing in Switzerland and CVC Capital Companions Plc’s $2.15 billion IPO. Collectively, firms within the area have raised about $8.6 billion up to now this yr, greater than twice as a lot as in the identical interval in 2023, in keeping with knowledge compiled by Bloomberg.
Puig, which is ran by the third era of the founding household with Marc Puig Guasch as chief govt officer, is primarily centered on promoting fragrances. Its portfolio contains manufacturers like Rabanne, Carolina Herrera and Jean Paul Gaultier, and more moderen acquisitions akin to area of interest fragrance homes Byredo or l’Artisan Parfumeur. Lately Puig has additionally strengthened its make-up and skincare choices with the acquisition of Charlotte Tilbury.
The corporate intends to make use of the proceeds from the share sale to refinance current transactions and help the expansion of its portfolio.
After the itemizing, the Puig household will maintain greater than 90 % of voting rights by means of their Class A shares, which have 5 votes every in comparison with one for the Class B inventory, the prospectus exhibits.
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 as joint bookrunners. The inventory is predicted to start buying and selling Might 3 on the Madrid Inventory Trade below the image PUIG.
By Clara Hernanz Lizarraga
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Spain’s Puig Units IPO Worth Steering at Prime of Vary
The Barcelona-based agency set the worth steerage at €24.50 per share, in keeping with phrases seen by Bloomberg Information, giving the corporate an implied market worth of €13.9 billion ($14.9 billion).