Puig set to price IPO at top of range

Spanish beauty group Puig was on track to price its initial public offering (IPO) at the top of its targeted valuation range after a bookrunner on the deal said on Monday that investors bidding below 24.50 euros ($26.20) risked missing out.

At this price, the owner of brands including Paco Rabanne and Charlotte Tilbury would reach a market capitalisation of close to 14 billion euros ($15.01 billion), according to a term sheet seen by Reuters.

Investors that table stock orders after 1600 GMT are unlikely to be allocated any shares, the bookrunner of the deal warned.

Puig aims to price its IPO on Tuesday, with a view to start trading on the Spanish bourse on Friday.

It is set to be Spain’s largest initial public offering in almost a decade and follows a string of European stock listings this year amid improving market sentiment.