Spanish cosmetics group Puig seeks at least $2.7 bln in local IPO (updated)

Opdenergy Holding SA

08/04/2024 08:40

(Adds detail on the deal and IPO market throughout)
       MADRID, April 8 (Reuters) - Cosmetics group Puig, which
owns brands such as Carolina Herrera, Paco Rabanne and Charlotte
Tilbury, announced plans to go public on Monday in one of
Spain's largest initial public offerings in years.
    The family-owned company aims to sell 1.25 billion euros
($1.35 billion) of new shares and an even larger amount of
existing stock through the IPO, according to a deal term sheet
seen by Reuters.
    Puig said a public listing would align its corporate
structure with that of other businesses in the premium beauty
sector.
    "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.
    The efforts come after two years of muted IPO activity
globally and in Spain, as economic and geopolitical uncertainty
rocked markets.
    With interest rates poised to come down, bankers are now
hoping for a revival of IPOs amid high stock prices.
    Europe has seen a string of IPOs this year with mixed
results. Whilst companies like Swiss skincare group Galderma
 GALD.S  and defence contractor Renk  R3NK.DE  have soared after
their market debuts, perfume retailer Douglas  DOU1.DE 
continues to trade below the price of its IPO.
        Puig and Spanish travel technology firm Hotelbeds are
among the companies considering going public as soon as the
first half of the year if market conditions allow, sources have
told Reuters.
    However, Spanish privately owned logistics group Berge last
week dropped plans to list shares in its automotive unit Astara,
saying market conditions are not the most appropriate for a
flotation.
        The last market debut on the Spanish stock market was
from Spanish renewable company Opdenergy  OPDE.MC  in July of
2022. 

($1 = 0.9232 euros)

 (Reporting by Pablo Mayo Cerqueiro, Corina Pons, David Latona
and Jesus Aguado; Editing by David Goodman and Christopher
Cushing)
 ((david.latona@thomsonreuters.com; +34 918 35 68 13;))