THE WHAT?  The Puig Group SL, a Spanish cosmetics and beauty company, is reportedly planning to announce an initial public offering (IPO) in Madrid, aiming to raise between €2 billion and €3 billion. The family-owned business intends to file its Intention to Float document by April 8, though the details of the offering could still change.

THE DETAILS Amid a backdrop of recent successful IPOs and a surge in stock market indexes, companies are keen on going public; however, investor caution due to rising interest rates since early 2022 has led to a shaky IPO market, as seen in the underperformance of some listings and the cancellation of others. This caution is evident following the cancellation of Bergé y Compañía’s plans to list its Astara unit, reflecting broader market uncertainties.

THE WHY? Founded in 1914 and still under the control of its founding family, Puig has announced a 19% increase in net revenues in 2023, reaching €4.3 billion, with record EBITDA of €849 million, indicating a strong financial position. The company, known for its high-profile beauty and fashion brands, including Charlotte Tilbury and Jean Paul Gaultier, is leveraging its historical success and solid financial performance as a foundation for its planned IPO.