[Update: April 22, 2024] Puig aims to "raise as much as 3 billion euros" via the sale of shares at "between 22 euros and 24.5 euros apiece," per Reuters. This would amount to a valuation in the area of $14.8 billion.
The total raise is larger than previously reported. Earlier in April 2024, Reuters reported that Puig "plans to raise more than 2.5 billion euros ($2.71 billion)" in an IPO.
The Puig family will remain majority shareholders, according to earlier reports.
Funds will reportedly be used to "refinance recent acquisitions of additional ownership in the prestige fragrance label Byredo and Charlotte Tilbury brands," while setting the company up for future acquisitions and expansions in Asia Pacific and skin care.
In March, Puig reported that full-year 2023 sales increased 19% to €4.3 billion.
The IPO follows the January 2024 acquisition of skin care brand Dr. Barbara Sturm.
Reuters quoted Puig chairman and chief executive as saying, "'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.'"
!['Mented is a very strong addition to the West Lane platform of beauty and wellness businesses, and we are excited to work with [co-founder] KJ [Miller] and the team to continue providing high quality products to Mented's loyal customer base,' said Michael Wentz, a vice president at West Lane.](https://img.gcimagazine.com/files/base/allured/all/image/2024/04/370162342_682917563865368_4553016856103776370_n.66268d872fb63.png?auto=format%2Ccompress&fit=crop&h=191&q=70&rect=0%2C0%2C1080%2C1080&w=340)
