Puig’s Class B shares are listed on the Spanish Stock Exchanges

Davis Polk advised the joint global coordinators and representatives of the several underwriters in connection with the €2.6 billion Rule 144A / Regulation S initial public offering of Class B shares of Puig Brands, S.A., and its listing on the Spanish Stock Exchanges. Additionally, the selling shareholder has granted the underwriters an overallotment option to acquire up to an additional €390 million of Class B shares.

The global offering, which comprised an offering to institutional investors within and outside of Spain, is the largest Spanish initial public offering since 2015, and the largest initial public offering worldwide to date in 2024.

Puig was founded in 1914 and is a leading player in the fragrance and fashion, makeup and skincare segments. Headquartered in Barcelona, Spain, it operates across 32 countries with 17 brands, including Rabanne, Charlotte Tilbury, Jean Paul Gaultier and Carolina Herrera. 

The Davis Polk capital markets team included partner Michael J. Willisch, counsel Paula Querol and associate Annie Dulka. The tax team included counsel Alon Gurfinkel and associate Ben Silver. Members of the Davis Polk team are based in the Madrid, London and New York offices.

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