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The Spanish beauty and fashion firm Puig has reportedly reorganised its corporate structure as it looks to take a possible step to securing a future initial public offering (IPO).
The move, initially reported by Expansión, has seen it bring all of its businesses under the public limited umbrella company, Puig Brands.
The economic publication noted that Puig would not have been able to go public if its parent company had remained as a limited liability company.
It marks the second time in a three year span that the firm has carried out such a move, having previously reorganised its business structure in 2020 with the creation of three divisions: Beauty and Fashion, Charlotte Tilbury and Derma.
Through its latest rejig, the public limited company Jorba Perfumes has become the new parent company of the group, changing its name to Puig Brands.
Next to this, it has also established a board of directors and carried out a capital increase of 29.30 million euros, which has ultimately brought its share capital to 144 million euros.
While Expansión noted that the group was not currently considering going public, sources for the media outlet suggested an IPO move was a possibility, as a limited liability company is restricted to 12 members of the board, a limitation that notably doesn’t apply to a public limited company.
The company could begin considering such a decision from September, and possibly acquire an IPO in 2024, however such a move is not guaranteed.
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