Puig's IPO is approaching and rumours are growing. According to The Wall Street Journal, the Catalan cosmetics, perfumery and personal care group's initial public offering is expected to reach 14 billion euros. The American media has revealed this figure after talking to sources familiar with the operation, which is expected to materialise soon.
Just over a week ago, the Catalan company, with more than 120 years of history, announced something that was already known within the industry: its intention to go public. To do so, Puig explained in its press release that it needed to raise more than 2.5 billion euros through a public offering of newly issued shares aimed at qualified investors and another offering of existing shares. According to The Wall Street Journal, this would be the largest deal in Spain so far in 2024.
Puig shared its intention to apply to list its shares on the Barcelona, Bilbao, Madrid and Valencia stock exchanges.
As indicated by Europa Press, Puig, which wants to formalise its IPO in May, has reshuffled its board of directors: the Catalan company has incorporated the former CEO of Bankinter, María Dolores Dancausa, and the CEO of the cosmetics company Weleda AG, Tina Müller.
The Puig family will retain a majority shareholding. The founding family will hold class B shares - with fewer rights - but will also be guaranteed control of voting rights. The Catalan perfumery group also reserves a number of shares exclusively for investors and will issue class B shares reserved for the founders of Byredo and Charlotte Tilbury, two companies acquired in recent years, as a compromise for the minority stakes they still held in the subsidiaries. They will not form part of the offer and will be subscribed at the end of the placement at the same price.