Sweet smell of success for Puig

Cosmetics and perfume group Puig announced a €24.50 share price for its initial public offering (IPO).

This was at the top end of Puig’s €22 to €24.5 share price range and was “multiple times oversubscribed amid strong demand”, the company revealed in a document released by the National Securities Market Commission (CNMV), Spain’s stock market regulator.

This gives Puig, which owns the Charlotte Tilbury, Carolina Herrera and Paco Rabanne brands amongst others, a €13.9 billion market capitalisation.

Investors include Criteria, CaixaBank’s investment portfolio, with a 3.05 per cent stake worth €425 million.

The Puig family expects to raise around €3 billion through the sale of Class B shares, which grant the same economic rights as Class A shares but confer fewer voting rights. This means that the family can still control company founded in Barcelona by Antonio Puig in 1914 and now headed by chairman and chief executive Marc Puig.