Catalan beauty group Puig experiences the largest European IPO of the year

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Puig beauty

The Catalan beauty group Puig, known for brands such as Paco Rabanne, Jean Paul Gaultier and Carolina Herrera, made its debut on the Spanish stock exchange on Friday. And how!

The Barcelona-based company started with a trading price of €24.50 per share, bringing its market value to almost €14 billion. In the initial public offering (IPO), Puig’s stock rose 5%.

A historic stock market moment

The company’s CEO, Marc Puig, rang the traditional bell at the Barcelona stock exchange at noon. Puig’s IPO is the largest on a European stock exchange this year and the largest in Spain since 2015. The family-owned company will initially sell €1.25 billion worth of shares, followed by a larger secondary offering. In total, the company expects to raise approximately €3 billion.

Cogesa Expats

Marc Puig thanked investors for their strong support since the IPO announcement. “We live in turbulent times and despite investor caution and geopolitical uncertainty, we have found a broad and complete response to the business and family values we represent,” he said.

A century of ups and downs

In his speech, Puig also recalled the good and bad moments that the company, founded in 1914, has experienced. “With 110 years of history, the road has not always been straight, there have been turns, ups and downs, and thanks to the compromise of many who believe in the project, we have achieved goals we never thought possible,” he added.

And now what?

The company, which manages 17 brands and operates in 32 countries, hopes its stock market debut will allow it to compete with sector giants such as L’Oréal, its main competitor. In 2023, the company achieved a record turnover of €4.3 billion, 19% more than the previous year. 95% of profits were generated by brands wholly or majority owned by Puig. After the IPO, the family will retain 71% of the company’s economic rights and 92% of its voting rights.

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