2023-09-14 13:53:39
BarcelonaOne of the big Catalan multinationals is one step closer to making the jump to the stock market. The perfume, fashion and make-up firm Puig has hired the services of the financial institutions Goldman Sachs and JP Morgan to prepare a possible exit to the markets, as the newspaper reported this Thursday Expansion. Sources consulted by the rotary assure that the valuation of the company could reach 8,000 million euros in its debut on the stock market. The company chaired by Marc Puig would have contacted these two investment banks months after changing the structure of the group to group all its businesses in a single limited company, Puig Brands SA. This is a common move in corporations that want to launch a stock market operation, as it is an indispensable requirement to do so.
8.000 M€
It is the valuation that the company could reach in an IPO
The information advanced by Expansion it also ensures that this landing on the floors will occur at some point in 2024. However, these types of business strategies tend to vary depending on the ebbs and flows of the markets. When going public in Spain, the National Securities Market Commission (CNMV) generally requires that at least 25% of the company’s capital be placed there. In this case, however, another element should be taken into account. Until now, Puig has always remained a 100% family-owned company and, for the owners to remain in control, it could place a maximum of 49% of its shares on the stock market.
Historical results
This operation comes at a time of historic results for the perfume, fashion and make-up firm. In 2022, the company’s revenues shot up by 40% compared to the previous year, up to 3.62 billion euros, a figure that leaves behind all the previous ones in more than 100 years of history. At the same time, Puig’s net profit soared to another high of 400 million euros, 71% more, also due to the impact in the previous year of a legislative change in the United Kingdom that affected the purchase of make-up brand Charlotte Tilbury.
In addition, this improvement in the accounts sidestepped the strong impact of inflation on many businesses, a macroeconomic strain that has so far not affected the luxury and personal care sector. It was the second consecutive year of record results for Puig, which felt the impact of covid in 2020, when it lost 71 million euros. Consulted by the ARA, a spokeswoman for Puig did not want to confirm or deny the company’s possible IPO.
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