Catalan beauty group Puig goes public in Europe's biggest stock market debut of the year
Barcelona-based firm to start trading on Spanish stock exchange with valuation of nearly €14bn
Catalan beauty group Puig, owner of brands such as Paco Rabanne, Jean Paul Gaultier and Carolina Herrera, made its debut on the Spanish stock market on Friday.
The Barcelona-based company began trading at a price of €24.50 per share, with a market valuation of nearly €14 billion.
At the time of the initial public offering, Puig's stock was up 5%.
The company's CEO, Marc Puig, rang the traditional bell at the Barcelona Stock Exchange at noon.
Puig's stock launch is the largest on a European stock market this year, and the largest in Spain since 2015.
The family-owned firm will initially sell €1.25 billion worth of shares, followed by a larger secondary offering. In total, the company expects to raise around €3 billion.
Marc Puig thanked the investors for their strong support since the announcement of the IPO.
"We are living in turbulent times and despite the caution of investors and geopolitical uncertainty, we have found a broad and complete response to the business and family values we represent," he said.
In his speech, Puig has also remembered the good and bad moments that the company, founded in 1914, has encountered.
"With 110 years of history, the road has not always been straight, there have been curves, ups and downs, and thanks to the compromise of many who believe in the project, we have achieved goals we never imagined," he added.
The CEO also paid tribute to his great-grandfather, who was a farmer in Vilassar de Dalt and decided to send his son to study in the United Kingdom, from where he returned with contracts to distribute beauty products.
"In an isolated country, they invested in design and good taste and took risks beyond their borders," he added.
Puig has been based in Barcelona for more than 110 years. In recent years, it has expanded rapidly into luxury goods, with recent prestigious acquisitions such as Charlotte Tilbury or Christian Louboutin's cosmetic line.
"A family-owned company looks to do things well, looking at the long-term, making sure the project is sustainable for the next generation. Barcelona is the capital of the world and we're delighted to have this event here," Marc Puig, said.
The company, which controls 17 brands and operates in 32 countries, hopes that the stock market debut will allow it to compete with the giants of the sector, such as L'Oréal, its main competitor.
In 2023, the company posted record sales of €4.3 billion, 19% more than the previous year. 95% of the profits were generated by brands wholly or mostly owned by Puig.
After the IPO, the family will retain 71% of the company's economic rights and 92% of its voting rights.