Spanish cosmetics group Puig seeks at least $2.7 billion in local IPO

Cosmetics group Puig, which owns brands including Carolina Herrera, Rabanne and Charlotte Tilbury, has announced plans to raise more than 2.5 billion euros ($2.71 billion) in Spain's biggest initial public offering in nearly a decade.

The family-owned company plans to sell 1.25 billion euros of new shares and more existing shares in the IPO, according to a deal term sheet seen by Reuters. It would be Spain's biggest listing since airport operator AENA (AENA.MC) debuted in February 2015. Puig said a public listing would bring its corporate structure in line with that of other players in the high-end beauty industry.

Chairman and CEO Marc Puig said in a statement: "We believe that being a family-owned company while also taking on market responsibilities will allow us to better compete in the international beauty market during the next phase of our company’s development."