Atmosphere of euphoria yesterday at the Barcelona Stock Exchange with the premiere of the listing of Puig, the Catalan multinational of perfumery, fashion and cosmetics. It is the biggest operation of the year in Europe and the most important in Spain since Aena's in 2015. Also the first in Barcelona in 17 years, since Fluidra's debut in 2007.
The company's shares debuted with strong gains, reaching 8%, although they then fell to close the session flat, at a price of 24.5 euros. These are variations that reflect the volatility that characterizes this type of operation.
Marc Puig, executive chairman of the firm and protagonist of the symbolic ringing of the bell, emphasized that the intention is to manage the company "with the long lights" and that the move to the public sector 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 as a listed company, and from yesterday it will be "a listed company that will act as if it were private". There is "a promising future" ahead, he emphasized.
The company debuted on the stock market with an initial share price set at 24.5 euros, which means a valuation of the company of 13,920 million euros. This value places it as a firm candidate to enter the Ibex 35.
The operation has aroused great anticipation among investors, who have registered a remarkable excess demand. Criteria Caixa already confirmed on Tuesday that it has acquired a 3.05% stake in Puig as part of the IPO process.
"We are living turbulent times, and despite the reservations of the investment world and the geopolitical uncertainties, we have found a multitudinous and unreserved response to the business project and family values that we represent", emphasized the president of the firm.
The company, founded 110 years ago by Antonio Puig Castelló, maintains its family character and has witnessed spectacular growth and internationalization in recent years, reaching last year a turnover of 4.3 billion euros and a net profit of 465 millions
The firm based in Barcelona, currently managed by the third generation of the family, has achieved a place among the luxury giants thanks to the growth strategy based on prestigious brands and with the acquisition of prominent firms, such as the British Charlotte Tilbury in 2020. The range of big 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 company's economic rights and 92.5% of the voting rights, thus retaining control.
Yesterday's opening ceremony at the Barcelona Stock Exchange was attended by the CEO of Borses i Mercats Espanyols (BME), Javier Hernani, and the executive president of the Barcelona Public Prosecutor's Office, Eduardo Ansaldo. Among other prominent personalities, the president of Foment, Josep Sánchez Llibre, attended; the president of the Economic Circle, Jaume Guardiola, and the director of Financial Policy of the Generalitat, Josep Maria Sánchez.
