Puig Brands – the group that owns Carolina Herrera, Paco Rabanne, Jean Paul Gaultier, Nina Ricci and Charlotte Tilbury – will go public on 3 May at a price of between €22 and €24.5 per share. That means a valuation of between €12.7 and €13.9 billion. And although it has not yet approved a shareholder remuneration policy, it says it expects to pay out 40% of its profits in dividends.
The company starts the placement process this Friday, 19 April, but the final price will be set on 30 April, when it ends. The public offering of shares by the Puig family will amount to €1,360 million, which is in addition to the €1,250 million that the company expects to raise through the public offer for subscription of shares. As the operation includes an over-allotment option of up to €390 million, it raises the maximum size of the placement to €3,000 million.
The Catalan company reiterates that the Puig family will maintain a majority stake once the transaction is completed. The shares that remain in its possession are class A shares, with five votes per share, compared to class B shares, which confer one vote. The class A shares will not be listed on the Spanish stock exchange or any other market, according to Puig.
