Spanish beauty and fragrance group Puig Brands SA and its founding family said the price for the company’s initial public offering will be at the top end of the range, in Europe’s biggest listing so far this year.

The Barcelona-based firm set the price guidance at €24.50 per share, according to terms seen by Bloomberg News, giving the company an implied market value of €13.9 billion ($14.9 billion). The price compares with a previous range of €22 to €24.5. The IPO is expected to raise as much as €2.6 billion.

Puig builds on a broad revival in European IPOs this year following Galderma Group AG’s $2.3 billion offering in Switzerland and CVC Capital Partners Plc’s $2.15 billion IPO. Companies in the region have raised about $8.6 billion in the year to date, more than twice as much as in the same period in 2023, according to data compiled by Bloomberg.

Founded in 1914, Puig owns brands such as Rabanne, Carolina Herrera and Jean Paul Gaultier. Over the years, it has branched out into skincare and makeup, most recently with the acquisition of Charlotte Tilbury.

Puig is run by Marc Puig Guasch, the chief executive officer and a grandson of the founder. Marc, and his cousin Manuel Puig Rocha, are the only family members on the company’s board, according to the prospectus.

After the IPO, the Puig family will hold more than 90% of voting rights through their Class A shares, which have five votes each compared to one for the Class B stock, the prospectus shows. The company intends to use the proceeds to refinance recent acquisitions, pay down debt and to make future investments.

Goldman Sachs Group Inc. and JPMorgan Chase & Co. are leading the IPO, and Bank of America Corp., BNP Paribas SA, CaixaBank SA and Banco Santander SA are also working on the deal. The stock is expected to begin trading May 3 on the Madrid Stock Exchange under the symbol PUIG. Orders received after 5 p.m. Monday are unlikely to be allocated any shares, according to the terms.

By Clara Hernanz Lizarraga

Learn more:

The Hazards on Puig’s Path to Becoming a True Luxury Conglomerate

Excitement for its IPO is building, but in order to realise its ambitions, more acquisitions and operational expenses might be required.