Spanish magnificence and cosmetics firm Puig Group SL is planning to announce its intention to carry an preliminary public providing as quickly as this coming week, based on folks conversant in the matter.

The Barcelona-based, family-owned agency plans to file the so-called Intention to Float doc as quickly as April 8, the folks mentioned. Puig and its present shareholders purpose to lift between €2 billion and €3 billion ($2.17 billion-$3.2 billion) with the itemizing, which can be in Madrid, based on the folks.

Deliberations are ongoing and particulars of the providing might change, the folks mentioned. A press officer for Puig declined to remark.

The choice comes after one other Spanish agency, the automotive and auto-parts logistics firm Bergé y Compañía introduced on April 4 that it was scrapping plans to listing its Astara unit amid lukewarm investor curiosity. Berge’s choice was a setback for bankers, who had been relying on a stream of listings between the Easter vacation and the beginning of the summer time trip season.

Corporations have been prepping for IPOs, emboldened by the surge in benchmark inventory indexes to document highs and up to date profitable choices from the skincare firm Galderma Group AG in Switzerland and social networking platform Reddit Inc. within the US.

However traders nonetheless haven’t gotten previous their nervousness over the surge in rates of interest that kicked off in early 2022, inflicting the IPO market to falter. An providing final month from the German fragrance retailer Douglas AG additionally fell flat.

Astara’s providing additionally would have helped revive Spain’s IPO market, the place there have been no sizable listings since Acciona SA’s clean-energy unit went public in 2021.

Based in 1914, Puig continues to be managed by the founding household. The corporate makes fragrance, skincare and sweetness merchandise in addition to clothes, with manufacturers together with Charlotte Tilbury, Barbara Sturm and Jean Paul Gaultier.

In 2023, Puig posted internet revenues of €4.3 billion, up 19% from 2022, and document earnings earlier than curiosity, taxes, amortization and depreciation of €849 million, with an EBITDA margin of 20%, the corporate mentioned in March.

By Swetha Gopinath, Rodrigo Orihuela and Macarena Muñoz, with help from Manuel Baigorri.

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