Luxury giant Puig set to raise €2.6bn in Madrid IPO this week
Puig, the Spanish fashion, cosmetics and fragrance conglomerate that's set to list on the Madrid Stock Exchange this week, has set its initial public offering (IPO) price at the top end of the range at €24.50 a share.
At the opening price – which was originally guided to be between €22 and €24.50 – the company, which owns brands like Nina Ricci, Paco Rabanne and Charlotte Tilbury, will raise as much as €2.6bn, making it Europe's biggest stock-market debut of the year so far.
Puig, which generated EBITDA of €849m on sales of €4.3bn in 2023, will have a market capitalisation of around €14bn when it goes public on 3 May.
Run by chairman and chief executive Marc Puig, a third-generation member of the company's founding family, Puig saw double-digit growth across all three of its key business lines and regions in 2023.
Fragrance and fashion, which make up 72% of group revenues, saw sales rise 17%; makeup sales jumped 23% to comprise 18% of group revenues; while skincare, which accounts for the remaining 10% the company, achieved 31% growth.
"Due to the strength and desirability of our diversified portfolio, we have reinforced our position in our core regions – Europe and the Americas – while continuing to invest in markets with high growth potential for our brands," Marc Puig said in a statement last month.