Puig, a leading cosmetics company in Europe, is set to go public this Friday with a value of 14,000 million euros after deciding to set the IPO price at 24.5 euros per share. This price is the highest within the range considered in the IPO prospectus, reflecting the success of the largest operation in Europe this year. Despite receiving overwhelming demand from investors and suggestions from banks to increase the offer price, Puig has stuck to its planned range and will wait for the closing of the books on Tuesday.
Goldman Sachs, JP Morgan, Bank of America, BNP Paribas, CaixaBank, and Banco Santander are all involved in coordinating the operation. Market sources believe that Puig has placed portfolios of large funds due to increased investor interest in the luxury sector this year. The company is expected to close the premiere with increases thanks to the high-quality investors it has attracted, including Criteria as a new shareholder.
Managers note that cosmetics companies are experiencing significant growth, making it an ideal time for Puig to go public despite slightly higher prices. Puig is listed with A and B shares without a traditional discount for B shares. The IPO operation will combine a capital increase and a direct sale of shares to raise funds, repay debt and finance future growth.
Puig will put 32% of its capital on the market while retaining family control through class A shares holding majority voting rights. Measures have been put in place to prevent class A shares from being sold to third parties while maintaining family influence within the company.