The owner of the Paco Rabanne brand debuted on the Spanish stock market

Puig Brands SA, the Spanish beauty company that owns luxury brands such as Paco Rabanne and Carolina Herrera, made its trading debut on May 3 on the Spanish stock exchanges in Barcelona, Madrid, Bilbao and Valencia under the symbol "PUIG" .

The listing, which valued the company at 13.9 billion euros, followed the initial public offering (IPO) of 2.61 billion euros. If the overallocation option of up to 390 million euros is taken into account, the total size of the offer was about 3 billion euros, making it the largest in Europe this year, according to iberianlawyer.com.

The price of the offer was set at 24.50 euros per share, the top of the considered range of 22 - 24.50 euros per share. The offer was oversubscribed several times over the entire price range, demonstrating strong demand from domestic and international institutional investors.

The IPO involved the sale of shares of over 20% of the capital, and Puig's founding family retains majority control. Goldman Sachs and JPMorgan were the leaders of the IPO process. The offer is the biggest in Spain since 2015, according to Reuters.

In the first part of Friday, Puig shares had a price of 25.46 euros on the Madrid Stock Exchange, down more than 1% compared to the previous day.

Headquartered in Barcelona and with more than 110 years of existence, Puig intends to use the capital raised for "general corporate purposes", including financing further acquisitions, according to Reuters.

Marc Puig, President of Puig, said after the listing: "Puig's successful IPO marks the beginning of a new and exciting chapter in our company's long and proud history. Backed by investors' confidence in our strategy, we will continue to build our own brand portfolio, while investing in core markets and supporting our expansion in high-potential areas. Thanks for the hard work of the Puig team, made up of 11,000 people from 32 countries. The milestone of the listing is also possible thanks to the entrepreneurial spirit of two generations who preceded us and who dared to look beyond the borders. I can only imagine the pride of those who are no longer with us if they saw how strong we remained and how far we went together. We are grateful to our investors for their support and look forward to writing the next chapter in Puig's history together."

Thus, the IPO positions Puig for significant growth, with the company consolidating its position as a major player in the global beauty industry. Puig had sales of 4.3 billion euros in 2023 and plans to expand into Asia.