Puig IPO Becomes Europe’s Largest in 2024
PARIS — Puig is now a publicly traded company, raising 2.6 billion euros for its founding family on its first day of trading Friday.
The owner of brands such as Rabanne, Carolina Herrera and Jean Paul Gaultier began trading at 25.50 euros a share, above the 24.50 euro price offer. The stock closed the day flat, at 24.50 euros.
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The IPO, which values Puig at 13.9 billion euros, was multiple times oversubscribed, according to the company.
Puig’s float is the largest in Europe so far in 2024 and the biggest in Spain since 2015.
Buoyant equity markets and the promise of mitigating interest rates are helping drive interest in IPOs around the globe. In the beauty space, Galderma and Douglas floated in Europe last month, with strong and disappointing debuts, respectively.
Puig raised 2.6 billion euros through the issue of 106.5 million shares. If the overallotment is exercised in full, the total offering could rise to 3 billion euros.
Marc Puig, chairman and chief executive officer of the beauty and fashion company, rang the bell at the Barcelona Stock Exchange Friday. Behind him hung the image of Puig’s new corporate logo, which is an evolution of its original.
Puig is among the third generation of family members running the 110-year-old company. He has said no one from the fourth generation would be operationally involved in years to come.
Once the beauty group’s offering is finished, the company’s founding namesake family will through Puig SL, the group’s controlling shareholder that’s managed by Exea, retain 71.7 percent of the company’s economic rights and 92.5 percent of its voting rights.
The company operates across 32 countries with 17 brands. The largest of those sales-wise are Rabanne, Charlotte Tilbury and Carolina Herrera. Ninety-five percent of company net revenues last year, which reached more than 4.3 billion euros, came from Puig’s fully or majority-owned brands.
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