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Puig rings the bell on the largest IPO in Europe this year

Lauretta Roberts
03 May 2024

Shares in premium beauty group Puig began trading on the Barcelona, Madrid, Bilbao and Valencia Stock Exchanges today – the €3 billion IPO was the largest in Europe this year.

The listing of the parent of Charlotte Tilbury, Nina Ricci, Dries Van Noten, and many others, was multiple times oversubscribed with shares offered at €24.50 per share, which was right at the top of the offering price range of €22.00-24.50 per offered share.

Interest in taking a slice of the business, which last year recorded revenue of more than €4.3 billion, was said to be strong from both international and domestic institutional investors.

Puig described the listing on the Spanish Stock Exchanges as "a transformational moment in the Company’s 110-year-old history as a business guided by three generations of its founding family".

To mark the moment, chairman and CEO Marc Puig, rang the opening bell at the Barcelona Stock Exchange and during the ceremony Puig showcased the evolution of its visual identity to signal the beginning of a new chapter.

Marc Puig said the group, whose recent buys include Dr Barbara Sturm and Byredo, would continue to be acquisitive and build its existing brands: “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 support 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 describes itself as a challenger in the beauty, fragrance and fashion space. Its portfolio includes the brands Rabanne, Carolina Herrera, Charlotte Tilbury, Jean Paul Gaultier, Nina Ricci, Dries Van Noten, Byredo, Penhaligon’s, L’Artisan Parfumeur, Uriage, Apivita, Dr. Barbara Sturm, Kama Ayurveda and Loto del Sur, as well as the beauty licenses of Christian Louboutin, Banderas and Adolfo Dominguez, among others.

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