Puig, the Spanish cosmetics and fashion conglomerate, is making preparations for its highly anticipated debut on the stock market in 2024. The company’s president, Marc Puig, has confirmed this plan, following its initial revelation in September. Early estimates suggest that Puig’s valuation could exceed €10 billion when it goes public.

Financial sources cited by Cinco Días have revealed that Puig could be valued at more than €10 billion, making it one of the most significant corporate operations in Spain in 2024. To ensure a successful initial public offering, Puig has enlisted the help of various advisors. STJ, in partnership with AZ Capital, will handle the financial aspects, while JP Morgan and Goldman Sachs will coordinate the operation. Legal matters will be overseen by Linklaters and Cuatrecasas.

Currently, Puig and its advisors are reaching out to potential investors to gauge the demand for the IPO. One of the key factors to consider is the valuation that the company will achieve. In 2022, Puig recorded an EBITDA of €638 million. By applying the average sector valuation, the company’s value could reach €11.484 billion. After deducting the €961 million debt from 2021, the estimated value stands at €10.5 billion. However, depending on Puig’s performance in 2023 and its positioning among investors, the figure could rise to €12 billion.

The majority of Puig’s shares, 89%, are currently owned by the Puig family’s family office, Exea. Puig Gest holds 10% of the shares, and the remaining 1% is owned by minority partners. To meet the requirements of the National Securities Market Commission (CNMV), Puig will need to sell at least 25% of its shares in the IPO. This would result in an operation capital ranging between €2.5 and €3 billion.

In 2022, Puig had a successful year, generating €3.6 billion in revenue and a €400 million profit. The company’s strategic acquisitions in recent years, including Charlotte Tilbury in 2020, Byredo in 2021, and Kama Ayurveda in 2022, have contributed to its growth and expansion.

As Puig looks forward to its debut on the stock market, the industry will be eagerly waiting to assess its valuation and performance. With its strong presence in the cosmetics and fashion sector, Puig aims to position itself alongside industry giants such as LVMH, Kering, Hermès, and Estée Lauder. A successful IPO could propel Puig into becoming a major player in the global market.

Useful links:
1. National Securities Market Commission (CNMV)
2. Puig Official Website