Puig has already detailed the value of its IPO. The Catalan cosmetics company announced a few days ago that its IPO would take place during this quarter, and yesterday, they unveiled the specific date: May 6.
The company has issued a press release in which it has also set the price per share, which will range between 22 and 24.50 euros per share, which would mean a market capitalisation of between 12,700 million and 13,900 million euros for the company, as stated in the prospectus sent on Thursday by the CNMV. The final price, as Puig explained in its press release, will be known on 30 April and this will become the largest IPO in Europe so far in 2024.
The firm is offering a number of shares in the primary offering for gross proceeds of approximately 1.25 billion euros, while the company's majority shareholder, Puig, S.L., controlled by Exea (the Puig family's holding company) is offering a number of shares in the secondary offering for gross proceeds of approximately 1.36 billion euros.
As indicated by Europa Press, Puig, the selling shareholder will grant Godman Sachs Bank Europe SE, acting as stabilisation agent, an option to purchase, on behalf of the managers, over-allotment shares up to 15% of the size of the base offer for a maximum amount of 390 million euros.
The company specified in its previous statement that the Puig family will retain a majority stake. The company believes that becoming a listed company will mean "greater visibility and awareness" and this will consequently help provide the company with "useful tools" for attracting and retaining talent.
The Catalan cosmetics, beauty and personal care group published its results for the 2023 financial year in early March. Puig continues to grow by leaps and bounds. In terms of net profit, it ended 2023 with a figure of 465 million euros, 16% more than last year's profit. In 2023, sales exceeded 4,300 million euros, 19% more than the previous year and with double-digit growth in all segments in which the company operates and also in all geographical areas, with the United States being the 'top' in terms of sales for Puig.