THE WHAT? Puig, the Barcelona-based company, is set to make a landmark debut on the public market with an anticipated valuation of up to 13.9 billion euros (US$14.8 billion). This positions it as Spain’s largest initial public offering (IPO) in nearly a decade, marking a significant milestone for the country’s financial markets.

THE DETAILS  Set to list on the Madrid stock exchange on May 3, Puig plans to offer shares priced between 22 and 24.5 euros, aiming to raise approximately 3 billion euros through the issuance of both new and existing shares. The IPO will involve about 1.25 billion euros of new shares and 1.36 billion euros of existing shares, with Goldman Sachs appointed as the stabilization manager. This move comes as Puig seeks to fortify its portfolio, which includes acquisitions like Byredo and Charlotte Tilbury, aiming to amplify its presence against giants like L’Oréal and Estée Lauder.

THE WHY? Puig’s strategic public offering is designed to support its expansion plans, particularly in Asia, and to capitalize on the expected 7% growth of the global beauty market this year. The IPO not only aims to provide the financial muscle for future growth but also to introduce a new luxury player to the Spanish stock market, which has been devoid of such listings. Despite controlling a significant market share, the Puig family will maintain majority ownership and voting rights, ensuring continued leadership in the company’s strategic direction.