Puig, the Spanish multinational in cosmetics, fragrances, and fashion, is poised to shake up the stock market on Friday, May 3rd. This marks the largest public listing this year following a quiet 2023 in the market. Known for owning brands such as Jean Paul Gaultier, Carolina Herrera, Charlotte Tilbury, and Rabanne, Puig will debut with a valuation close to €14 billion. Analysts predict this could swiftly elevate the company into the Ibex index of high-cap stocks, potentially by year-end during the index’s review.
The company, with a 110-year heritage and controlled by four branches of the Puig family (Puig Guasch, Puig Roca, and the two Puig Alsina branches, consisting of 14 cousins who are the founder’s grandchildren), is making what could be one of the most significant moves in its history. This IPO not only marks a milestone for Puig but also places it ahead of other Catalan companies controlled by familial clans who have previously taken the plunge into the stock market. Notable comparisons include Almirall (Gallardo family), Fluidra (Palnes, Serra Duffo, Corbera, and Garrigós families), and Grifols.
The IPO’s anticipated valuation range is between €12.7 billion and €13.9 billion, priced at €22.00 to €24.50 per share. While some analysts consider these figures “rather high”, the strategic move is clear. The Puig family is keen to retain control of the multinational and is therefore issuing Class B shares for qualified investors, which will carry a single voting right per share. Subsequently, a portion of the parent company, Puig SL, controlled by Exea Empresarial and involving all four family branches, will also be sold. This IPO is set to be the largest in Spain since Aena’s listing, where the state sold 49% of its shares for over €4,000 million, with a total valuation close to €9,000 million.
Puig’s move is seen as a significant shake-up for the stock market, indicating a renewed interest in high-profile public offerings in Spain, and setting a dynamic precedent for the year.