Spanish beauty and cosmetics company Puig Group SL is planning to announce its intention to hold an initial public offering as soon as this coming week, according to people familiar with the matter.

The Barcelona-based, family-owned firm plans to file the so-called Intention to Float document as soon as April 8, the people said. Puig and its current shareholders aim to raise between €2 billion and €3 billion ($2.17 billion-$3.2 billion) with the listing, which will be in Madrid, according to the people.

Deliberations are ongoing and details of the offering could change, the people said. A press officer for Puig declined to comment.

The decision comes after another Spanish firm, the car and auto-parts logistics company Bergé y Compañía announced on April 4 that it was scrapping plans to list its Astara unit amid lukewarm investor interest. Berge’s decision was a setback for bankers, who had been counting on a stream of listings between the Easter holiday and the start of the summer vacation season.

Companies have been prepping for IPOs, emboldened by the surge in benchmark stock indexes to record highs and recent successful offerings from the skincare company Galderma Group AG in Switzerland and social networking platform Reddit Inc. in the US.

But investors still haven’t gotten past their nervousness over the surge in interest rates that kicked off in early 2022, causing the IPO market to falter. An offering last month from the German perfume retailer Douglas AG also fell flat.

Astara’s offering also would have helped revive Spain’s IPO market, where there have been no sizable listings since Acciona SA’s clean-energy unit went public in 2021.

Founded in 1914, Puig is still controlled by the founding family. The company makes perfume, skincare and beauty products as well as clothing, with brands including Charlotte Tilbury, Barbara Sturm and Jean Paul Gaultier.

In 2023, Puig posted net revenues of €4.3 billion, up 19% from 2022, and record earnings before interest, taxes, amortization and depreciation of €849 million, with an EBITDA margin of 20%, the company said in March.

By Swetha Gopinath, Rodrigo Orihuela and Macarena Muñoz, with assistance from Manuel Baigorri.

Learn more:

When Should Fashion Companies Go Public?

Any fashion company that is contemplating going public needs to have not only the product and brand fundamentals right but also a business strategy that can easily be understood by the markets, writes Imran Amed.