Puig looks to raise €2.5bn in IPO

By Julia Wray | Published: 8-Apr-2024

The Spanish beauty group anticipates growth as a ‘family-owned company that is also subject to market accountability’

Puig has confirmed its intention to float on the Madrid and other Spanish stock exchanges.

The family-owned Spanish beauty group is aiming to raise more than €2.5bn in what is described as one of the most important steps in its 110-year history.

Puig, which owns brands including Charlotte Tilbury and Paco Rabanne, expects to make approximately €1.25bn of this sum through a primary offering. 

This will be followed by a “larger” secondary sale of shares by the company’s controlling shareholder, which itself is controlled by Exea, the Puig family’s holding company. 

The Puig family will retain a majority stake, following the IPO. 

“It is important for any family business to have the right checks and balances in place, particularly during generational transitions,” said Marc Puig, Puig’s Chairman and CEO.

“We believe that the balance of being a family-owned company that is also subject to market accountability will allow us to better compete in the international beauty market during the next phase of the company’s development.”

The Barcelona-headquartered beauty player’s ambitions include gaining share in its key markets of EMEA and the Americas, as well as strengthening its presence in Asia-Pacific.

With its expertise largely in fragrance and make-up, Puig said it is also hoping to grow in the dermo-cosmetics and skin care wellness categories. 

Puig IPO rumours have circulated for several months. 

Last year, it grouped its businesses under the publicly limited company Puig Brands SA to ready itself to float; Puig would have been unable to go public had its parent company remained a limited liability company.

In February, Puig appointed a banking syndicate to lead its IPO, helmed by Goldman Sachs and JP Morgan as global coordinators. 

Spring 2024 has proved a buzzy period for beauty industry IPOs.

Beyond Puig, Restylane and Cetaphil owner Galderma commenced trading on the Swiss exchange in March. 

German beauty retailer Douglas floated on the Frankfurt exchange in the same month.

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