Puig plans to raise up to €2.6 billion (US$2.8 billion) when it debuts its shares at the top of its initial public offering (IPO) price range on the Madrid Stock Exchange later this week.
The Spanish fashion, cosmetics, and fragrance conglomerate – whose brands include Charlotte Tilbury, Nina Ricci, and Paco Rabanne – has priced its IPO at the top end of the range of €22 to €24.50 (US$26.20).
This will give the company a market capitalization of approximately €14 billion (US$15 billion) when it debuts on Friday, May 3 under the ticker symbol “PUIG.”
The IPO is being led by Goldman Sachs and JP Morgan, with Bank of America, BNP Paribas SA, CaixaBank SA and Banco Santander SA also working on the listing.
Puig’s debut is set to be the largest IPO in Spain in almost a decade as market sentiment in Europe improves, as demonstrated by recent multi-billion-dollar IPOs from Galderma Group AG and CVC Capital Partners.