An atmosphere of euphoria yesterday at the Barcelona Stock Exchange with the debut of the listing of Puig, the Catalan multinational perfumery, fashion and cosmetics company. It is the largest operation of the year in Europe and the most important in Spain since Aena's in 2015. Also the first in the Barcelona parquet in 17 years, since Fluidra's debut in 2007.
The company's shares debuted with strong increases, reaching 8%, although they later fell until closing the session flat, at a price of 24.5 euros. They are variations that reflect the volatility that marks this type of operations.
Marc Puig, executive president of the firm and protagonist of the symbolic ringing of the bell, highlighted that the will is to manage the company "with the bright lights" and that the jump to the parquet is "the best way" to ensure the sustainability of the group and the project for the next generations. Puig stated that until now the company was a private firm managed like a listed one, and from yesterday it will be “a listed company that will act as if it were private.” “A promising future lies ahead,” he highlighted.
The company debuted on the stock market with an initial share price set at 24.5 euros, which represents a valuation of the company of 13.92 billion euros. This value places it as a firm candidate to enter the Ibex 35.
The operation has aroused great expectation among investors, who have registered a notable excess demand. Criteria Caixa already confirmed last Tuesday that it has acquired a 3.05% stake in Puig as part of the IPO process.
“We are experiencing turbulent times, and despite the reservations of the investment world and the geopolitical uncertainties, we have found a massive and unreserved response to the business project and family values that we represent,” highlighted the president of the firm.
The company founded 110 years ago by Antonio Puig Castelló maintains its family character and has experienced spectacular growth and internationalization in recent years, reaching a turnover of 4.3 billion euros and a net profit of 465 million last year. The Barcelona-based firm, currently managed by the third generation of the family, has managed to position itself among the greats of luxury thanks to its growth strategy based on prestigious brands and with the acquisition of prominent firms such as the British Charlotte Tilbury in 2020. Its portfolio of major brands includes Carolina Herrera, Paco Rabanne, Jean Paul Gaultier and Nina Ricci, among others.
After the public offer for the sale of shares, the Puig family will maintain 71.7% of the economic rights of the company and 92.5% of its voting rights, thereby retaining control of it.
Yesterday's premiere event at the Barcelona Stock Exchange was attended by the CEO of Bolsas y Mercados Españoles (BME), Javier Hernani, and the executive president of the Barcelona stock market, Eduardo Ansaldo. Among other prominent personalities, the president of Foment, Josep Sánchez Llibre, the president of the Cercle d'Economia, Jaume Guardiola, and the director of Financial Policy of the Generalitat, Josep Maria Sánchez, attended.
