Puig Shares Struggle to Make Headway After Blockbuster Spain IPO
- Company, founders raised $2.8 billion in Madrid market debut
- Puig’s brands include Carolina Herrera and Jean Paul Gaultier
Preperations for the Puig Brands SA listing ceremony at the Barcelona Stock Exchange, on May 3.
Photographer: Angel Garcia/BloombergThis article is for subscribers only.
Spanish beauty and fragrance group Puig Brands SA’s trading in its first day as a public company was muted, dashing hopes of a triumphant cap on the European initial public offerings market’s recovery.
Puig shares traded at €24.50 each at 5:18 p.m. in Madrid on Friday, in line with the pricing of its €2.6 billion ($2.8 billion) IPO, the biggest in the region this year. The stock briefly gained as much as 8%, before quickly giving up the advance.