Spanish cosmetics group Puig, which owns brands such as Carolina Herrera, Paco Rabane and Charlotte Tilbury, plans an initial public offering (IPO) in its home market, it said on Monday.
The family owned company said it wants to apply for its shares to be listed on the Barcelona, Madrid, Bilbao and Valencia stock exchanges, Reuters has reported.
“We believe that the balance of being a family owned company that is also subject to market accountability will allow us to better compete in the international beauty market during the next phase of the company’s development,” Chairman and Chief Executive Marc Puig said in a statement.
Puig, a family-owned company, is aiming to raise at least €1.25 billion through the initial public offering, Financial Times has reported. Bankers have valued the company at between €8 billion and €10 billion. The filing did not specify what proportion of shares the founding family wants to sell to investors.
Puig’s float, which bills itself as a ‘premium beauty’ player, is likely to be the biggest in luxury since Ermenegildo Zegna in 2021 but comes as sector grapples with the end of a post-pandemic spending boom, Financial Times said.
