((Automated translation by Reuters, please see disclaimer https://bit.ly/rtrsauto))
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Spanish beauty group Puig said on Tuesday it had set the final price of its initial public offering (IPO) at 24.50 euros per share, at the high end of the announced range, implying a market capitalization of 13.9 billion euros ($14.84 billion).
The IPO, Spain’s largest in almost a decade, was repeatedly oversubscribed across the price range, due to strong demand from national and international institutional investors, the company said in a statement. document published by the stock market regulatory authority.
Owner of Rabanne and Carolina Herrera perfumes, which are among the world’s top 15 perfume brands, Puig will begin trading on the Spanish stock market on Friday, following a series of IPOs in Europe this year, favored by improving market sentiment.
The family business offers Class B shares, which carry fewer voting rights than Class A shares, but the same economic rights. Following the transaction, the Puig family will retain 92.5% of the company’s voting rights.
When the company announced plans to go public, it said its first-quarter net revenue increased 10.1% from a year earlier, outpacing the market. high-end beauty products in the first quarter.
One of its main competitors, Loreal, recorded a 9.4% increase in revenue in the first quarter.
(1 dollar = 0.9366 euros)