Puig’s shares debuted this afternoon on the stock market with strong increases, which reached 8% shortly after starting to trade. The starting price was set at 24.5 euros, a figure that was left behind in the first exchanges, exceeding 26 euros. An hour later the advance moderated to 1%, reflecting the volatility that marks this type of operations.
Marc Puig, president of the firm and protagonist of the ringing of the bell, pointed out at the debut event that the will is to manage the company “with the bright lights” and that the jump to the parquet is “the best way” to ensure sustainability of the group and the project for the following generations. After more than a hundred years, Puig has stated that until now the company was a private firm managed as a listed company, and from today it will be “a listed company that will act as if it were private.” “A promising future lies ahead”, he highlighted.
Puig’s is the largest operation of the year in Europe and the most important in Spain since Aena’s in 2015. The Catalan multinational perfumery, fashion and cosmetics company debuted with an initial share price set at 24.5 euros, which represents a valuation of the company of 13,920 million euros. This value places it as a strong candidate to enter the Ibex 35, between Endesa and ACS.
The operation has aroused great expectation among investors, who have registered a notable excess demand. CriteriaCaixa confirmed last Tuesday that it has acquired a 3.05% stake in Puig within the IPO process. “We are experiencing turbulent times, and despite the reservations of the investment world and the geopolitical uncertainties, we have found a massive and unreserved response to the business project and family values ??that we represent,” said Puig.
The company founded 110 years ago by Antonio Puig Castelló maintains its family character and has experienced spectacular growth and internationalization in recent years, reaching a turnover of 4.3 billion euros last year. After the public offer for the sale of shares, the Puig family will maintain 71.7% of the economic rights of the company and 92.5% of its voting rights, thereby retaining control of it.
The ringing of the bell was attended by the CEO of Bolsas y Mercados Españoles (BME), Javier Hernani, the executive president of the Barcelona stock market, Eduardo Ansaldo, and the group’s markets director, Beatriz Alonso-Majagranzas.
