Puig, the Spanish luxury goods conglomerate, is set to go public this Friday at a value of 14,000 million euros. The IPO price per share has been set at 24.5 euros, which is the highest within the range considered in the prospectus. This reflects the company’s success as the largest operation in Europe this year and the strong demand from institutional investors.
Puig is expected to join the Ibex 35 index, ranking fifteenth by capitalization at 24.5 euros. The company received overwhelming demand from investors, covering the entire placement within minutes of opening the order book last week. Banks had suggested increasing the offer price, but Puig stuck to its planned range and will wait for the books to close 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 its premiere with increases thanks to 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 traditional discounts for B shares. The IPO operation will combine a capital increase and direct sale of shares to raise funds for debt repayment and future growth plans.
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, ensuring family influence remains within the company.
Overall, Puig’s IPO represents an exciting opportunity for investors looking for exposure to high-growth sectors such as luxury goods while providing financing for future expansion plans by Puig’s management team.