Charlotte Tilbury-owner Puig is looking to raise more than £2.1bn (€2.5bn) through an initial public offering, making it the biggest stock market listing in the beauty sector in years.
The Spanish beauty group, which owns 14 brands and several fragrance licences, is planning to list on the Barcelona, Madrid, Bilbao and Valencia stock exchanges, according to a regulatory filing on Monday.
Puig said it wanted to raise about £1.07bn (€1.25bn) through a primary offering and a “larger” secondary share sale that would take the total sum raised to more than £2.1bn (€2.5bn).
Bankers have valued the 110-year-old family-owned business at between £6.9bn (€8bn) and £8.6bn (€10bn).
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The Puig family said it intends to retain a majority stake in the business but has not mentioned exactly what percentage of stock it will sell.
The family will hold “A” shares, each of which will carry five votes, while outside investors will be offered “B” shares, which hold a single vote.
Chair and chief executive Marc Puig said: “Thanks to our strategy of building up a portfolio of owned brands, focusing on prestige products and expanding our leadership in niche fragrances, make-up and dermo-cosmetics, Puig has consistently delivered strong profitable growth.
“We believe that the balance of being a family-owned company that is also subject to market accountability will allow us to better compete in the international beauty market during the next phase of the company’s development.”
In 2023, the beauty group reported net revenues of £3.7bn (€4.3bn), up 19%, while net profit rose to £398m (€465m), up 16% on the previous year.
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