Puig will debut on the floor on May 3 and values the company's market capitalization at between 12,700 and 13,900 million euros, according to the prospectus published yesterday for its listing on the Barcelona, Madrid, and Bilbao stock exchanges. and Valencia. These figures make it the largest IPO this year in Europe. It is also the most important in Spain in recent years, since Aena's stock market debut in 2015.
Criteria, the investment arm of La Caixa, will participate in the offer to take a relevant stake in the company, as confirmed yesterday by sources close to the operation. Criteria declined to comment on the matter.
The non-binding price range at which Puig shares are offered in the offer is between 22 and 24.50 euros per share. The prospectus presented to the CNMV also confirms that the size of the offer is up to 3,000 million, which could involve the placement on the stock market of around 21% of the capital. The Puig family will maintain the majority of the shares in the perfumery, fashion and cosmetics group, as confirmed in the same brochure. The final price of the offer will be set on April 30.
The group has brands such as Carolina Herrera, Rabanne, Charlotte Tilbury and Jean Paul Gaultier in its portfolio and has been controlled since its founding in 1914 by the Puig family, which “will retain a majority stake and the vast majority of voting rights”, has explained the company. Puig operates in 32 countries and in the last financial year it had a turnover of 4,304 million euros and obtained a profit of 465 million, with double-digit growth in both cases.
“We believe that the balance of being a family company that is at the same time subject to market responsibility will allow us to compete better in the international beauty market during the next phase of development,” argued its president, Marc Puig, in an interview. recent with La Vanguardia. The brochure reflects this idea, noting that being listed on the stock market entails “a higher level of scrutiny by investors, analysts, regulators and the market in general, guaranteeing that the next generations of the Puig family are subject to the highest possible standards while They lead the company in the right strategic direction.”
The brochure also highlights that the operation “will allow the firm to better compete in the international beauty market during the next phase of development. As a result of the offering, the company's corporate and capital structures will be better aligned with those of the best family-owned companies in the global premium beauty sector, which have a strong core shareholding linked in most of the cases to their founding families, which encourages a long-term thinking approach.”
The Catalan multinational considers that the stock market listing will imply “greater visibility and knowledge”, which should provide the company with “useful tools” for attracting and retaining talent, while opening access to capital as another source of financing for support the growth strategy of the company's brands and portfolio.
With the funds raised, the intention is to “continue growing” with a focus on premium beauty, increasing market share in Europe or America and acquiring new brands. They will also serve to finance “any future strategic investment” and capital expenditures, the company has specified. Also “the refinancing of the acquisitions of additional stakes in Byredo and Charlotte Tilbury.” Puig's net financial debt amounts to 1,196 million euros after the latest operations.
