Puig sets IPO price at 24.5 euros a share

Spanish beauty group Puig said on Tuesday it had set the final price for its initial public offering (IPO) at 24.50 euros a share, at the top of its announced range, implying a market capitalisation of 13.9 billion euros ($14.84 billion).

Spain’s largest IPO in almost a decade was multiple times oversubscribed across the price range amid strong demand from international and domestic institutional investors, the company said in a document published by the stock market regulator.

The owner of Rabanne and Carolina Herrera perfumes, which are among the world’s top 15 fragrance brands, Puig will start trading on the Spanish stock market on Friday following a string of European stock listings this year helped by improving market sentiment.

The family-owned company is offering class B shares, which confer fewer votes than class A shares, but the same economic rights. As a result of the operation, the Puig family will retain 92.5% of the voting rights in the company.

When the company announced its intention to float, it said its first-quarter net revenues grew 10.1% from a year ago, ahead of the premium beauty market’s growth in the first quarter.

One of its main competitors, Loreal, reported a 9.4% rise in first-quarter sales.

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