Puig is fine-tuning its IPO prepared for the second quarter of the year. According to Forbes and Expansión, the Catalan company has decided to limit the placement to class B shares, a series of securities that will have fewer political rights than class A shares, but with the same economic rights, so that the founding family retains full control of the company in the future.
These class A shares reserved exclusively for the Puig family are characterised by five voting rights each. Class B shares, on the other hand, have only one voting right.
As Forbes explains, this type of shareholding structure will allow members of the Puig family to retain political control of the company for generations to come in the event of additional share sales in the coming years.
The IPO, as explained by the Catalan company, is in the hands of Goldman Sachs and JPMorgan, which are the banks leading the placement as global coordinators. They also have the support of BNP Paribas, CaixaBank, Santander and Bank of America as joint bookrunners, with BBVA and Banco Sabadell acting as colead arrangers.
At the beginning of the month, Puig presented its results for the 2023 financial year. The Catalan company recorded sales of more than 4,300 million euros, 19% more than the previous year and with double-digit growth in all segments in which the company operates. In terms of net profit, it ended 2023 with a figure of 465 million euros, 15% higher than last year's figure.