Spain
Cuatrecasas advises Goldman Sachs and J.P. Morgan on IPO and admission to trading of Puig shares on Spanish stock exchanges
May 7, 2024
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SubscribeCuatrecasas has advised Goldman Sachs Bank Europe SE and J.P. Morgan SE as global coordinators, and the rest of the bank syndicate, on the initial public offering (“IPO”) and admission to trading of the Class B shares of Puig Brands, S.A., on the Spanish stock exchanges. The offering size prior to admission to trading was €3 billion, making it the largest IPO in Europe in recent years for amount and importance, and the largest in Spain since 2015.
On May 3, the international company of premium beauty products debuted on the Barcelona, Madrid, Bilbao and Valencia stock exchanges with a value of €24.50 per share, at the top end of the price range announced in the prospectus approved by the Spanish Securities and Exchange Commission. The offer was oversubscribed several times, outlining a strong demand from both domestic and international investors.
The listing marks the beginning of a new chapter in the company’s 110-year history. Backed by investors, it wants to continue to build its portfolio of own brands, while working on its geographic expansion.
"The flotation of Puig is a milestone for the Spanish capital markets. After a lengthy period without admissions to trading on the Spanish stock exchanges, Puig, a successful family business, has caught the attention of international investors. It is the largest IPO in recent years in all Europe. After this successful move by Puig, accompanied by Goldman Sachs and J.P. Morgan as global coordinators, we hope that other Spanish companies will decide to seek a listing,” remarked Juan Aguayo, the Cuatrecasas partner who led this transaction together with Ignacio Escrivá de Romaní and Roger Freixes.
May 7, 2024
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