SPAIN. Spanish fragrance and beauty house Puig officially began trading today as a listed company on the Barcelona, Madrid, Bilbao and Valencia Stock Exchanges.
The listing follows the company’s Initial Public Offering (IPO) of €2.6 billion. This includes an up to €390 million Over-allotment Option, which brings the offering size to €3 billion and makes it the largest IPO in Europe this year.
The offering was priced at €24.50 per share, at the top end of the previously announced range of €22.00-24.50. The IPO was oversubscribed across the price range, outlining strong demand from both domestic and international investors.
As reported, the Puig family will retain a majority stake and most of the company’s voting rights following the IPO.
The listing is a milestone in the company’s 110-year history, which spans three generations of the Puig family. It describes itself as a ‘Home of Creativity’, a supportive system that can unleash the potential of its brands and people.
Puig Chairman and CEO Marc Puig commented: “Puig’s successful IPO marks the beginning of a new and exciting chapter in our company’s long and proud history. Backed by investor confidence in our strategy, we will continue to build our portfolio of own brands with a focus on extending our leadership in prestige products and niche fragrances, while investing in our core markets and supporting our expansion in high-potential geographies.
“I would like to thank the hard work of the Puig team, made up of 11,000 people in 32 countries. Today’s milestone is also possible thanks to the entrepreneurial spirit of two generations that came before us that dared to look beyond our borders when very few did so at the time. I can imagine the pride of those who left us if they could see how strong we have kept our union and how far we have gone together.
“We are grateful to our investors for their support and look forward to writing the next chapter in Puig’s history together.”
Puig celebrated the IPO and listing by ringing the bell at the Barcelona Stock Exchange, signalling the beginning of trading of the company’s class B shares.
During the ceremony, Puig also officially revealed its new visual identity and logo. As reported, the logo was created in partnership with French art and design agency M/M Paris. It builds on the original design of Swiss designer Yves Zimmerman, featuring a bespoke typeface called Parelelo and an infinity motif inspired by Spanish painter Joan Míro. ✈
