Spanish fragrance and fashion conglomerate Puig is poised to debut on the stock market this Friday, marking one of the most highly anticipated IPOs of the quarter.
The company, which owns prominent brands like Dries Van Noten, Byredo, and Charlotte Tilbury, seeks to raise 2.6 billion euros, with a share price guidance of 24.50 euros per share, according to reports from Bloomberg.
Following the IPO, the Puig family will retain control, maintaining over 90 percent of voting rights through their Class A shares, each carrying five votes compared to one for Class B stock. Proceeds from the offering will be directed towards refinancing recent acquisitions, debt reduction, and future investments, Bloomberg said.
Led by CEO Marc Puig Guasch, grandson of founder Antonio Puig Castello, the company has a rich heritage dating back to its inception in 1914. Notable milestones include the introduction of lipsticks in 1922, exclusively manufactured in Spain, and the launch of the iconic Puig fragrance in 1940, followed by Nina Ricci’s renowned perfume L’Air du Temps in 1948.
Despite boasting a market valuation of 13.9 billion euros, Puig’s stature pales in comparison to industry giants like L’Oréal, valued at a market cap of 251 billion dollars, and Estée Lauder, with a valuation of 52.8 billion dollars.
