Switzerland and Spain: Home of the Two Biggest IPOs Worldwide in 2024

The IPOs of Galderma and Puig are great news, especially given their significant size and placement volumes. Attracting leading global companies like Puig and Galderma is a testament to the strength and appeal of our markets, which are gaining momentum. This momentum positions SIX Swiss Exchange and BME Exchange as the listing destinations of choice for European companies. We remain dedicated to fostering a thriving market ecosystem that attracts leading firms to achieve their full potential.

Galderma (ticker symbol GALD) is a leading dermatology specialist, established four decades ago as a joint venture between L’Oréal and Nestlé. In 2019, it was acquired from Nestlé by a consortium of institutional investors led by private equity firm EQT and now, on 22 March 2024, Galderma listed on SIX Swiss Exchange.

At an opening price of CHF 61.00 per share, the market capitalization of Galderma was around CHF 14.5 billion, boasting a placement volume of CHF 2.3 billion, including the over allotment option. It was not only the largest IPO in Switzerland since 2017 but, at the time of listing, the largest in the world in 2024 – only surpassed by Puig making its debut on BME Exchange on 3 May.

Puig (ticker symbol PUIG) specializes in cosmetics and fragrances and was founded in Barcelona in 1914 by Antonio Puig. The group is present in 34 countries and owns such well-known brands as Rabanne, Charlotte Tilbury, Jean Paul Gaultier and Nina Ricci. At an issue price of EUR 24.50 per registered share, Puig's placement volume was around EUR 2.6 billion, while the market valuation amounts to EUR 13.9 billion. This was the largest IPO in Spain since 2015.

These figures highlight the historical significance of both listings, and I’d like to congratulate once again the two companies as well as our primary market teams in Switzerland and Spain.

Of course our primary objective is to remain the champion in our home markets. From that basis, we aim to grow as a leader in Europe and become increasingly relevant in the global arena. More generally speaking, I believe successful IPOs can light the path toward renewed confidence in European exchanges, signaling a shift towards global competitiveness and encouraging firms to venture into the public market arena. So it would be great to see a European IPO resurgence gather momentum throughout this and into next year.

From an Exchanges perspective, we keep broadening the access to capital, connecting companies of all sizes and in different development stages with financial markets. This is why we have keep building what we call the “financing ladder”. In Switzerland for example, we have launched Sparks, a dedicated segment for Small- and Medium-sized companies with listing and maintenance requirements tailored to the needs of SMEs and their investors, in addition to the main market. In Spain, the ladder has already more steps. The BME Pre Market Environment is the first, followed by BME Scaleup and BME Growth, the Spanish SME Market, and finally the main market. So the goal is to offer all types of companies access to public markets.

If we look at it from a geostrategic angle, there’s obviously competition between Europe, the US and Asia. And you can’t look at listings in isolation – in fact, it highlights how both listing and trading activity as well as stock markets and economies are interconnected. When volatility and trading volumes are low, companies are reluctant to list. And if there is more growth in Europe and companies can grow their business here, then the stock exchange will also do better.

What’s key is that we reduce fragmentation, particularly in the regulatory landscape across Europe. And when I say ‘Europe’, I include Switzerland and the UK. Those two countries agreed in 2023 to recognise each other’s regulations as equivalent, and I think that’s the right direction. With one exchange in the EU and one outside of it, maybe we’re in an ideal position to be a driving force in unlocking the potential of paneuropean capital markets and increasing its attractiveness for global investors and trading participants. In that sense, the successful IPOs of Galderma and Puig serve as a strong signal that not just we at SIX, but the whole of Europe can be proud of. 

When it comes to capital raising, size doesn’t matter. At BME Exchange we support your growth from the pre-market environment, through BME Growth up to the main market. Not only do we cover Europe, but we also have our Latin America market, Latibex, to give you strong visibility to foreign investors. 

SIX Swiss Exchange offers services and products for blue chips listed on the main market as well as for SMEs. With its new SME stock exchange segment called Sparks as well as services dedicated to SMEs, SIX Swiss Exchange thereby helps to increase the visibility of these companies among investors in the market.

• BME Welcomes Puig
• Galderma Listed Its Shares on SIX Swiss Exchange
• Call for Research Proposals: European Public Capital Markets
• Why Go Public? Companies Turn to IPOs Once Again