Spain’s fashion and cosmetics group Puig, owner of the Nina Ricci and Paco Rabanne brands, will make its stock exchange debuts on May 3, according to a press release published Thursday by the company, which hopes to raise up to three billion euros.

The IPO of the family-owned was announced on April 8. The listing on the Madrid stock market would be the biggest in Spain since airport operator AENA’s debut in February 2015. Following the IPO, the Puig family will retain a majority stake in the company and the “vast” majority of voting rights.

In a statement, the cosmetics company says it wants to raise 1.25 billion euros through the issue of new shares and 1.36 billion through the sale of existing shares held by Exea, the Puig family’s holding company.

Shares are expected to be trade at between 22 euros and 24.5 euros a piece, which would value the group between 12.7 and 13.9 billion euros, said the company based in Catalonia, in the north-east of Spain.

Founded in Barcelona in 1914 by businessman Antonio Puig Castello, the company has grown over the years to become a heavyweight in the cosmetics, fragrance and fashion industries which has carried out a string of acquisitions in recent years.

Among its brands are Paco Rabanne, Nina Ricci, Charlotte Tilbury, Dries Van Noten and Carolina Herrera and it also holds a majority stake in the luxury Jean Paul Gaultier label.

Last year, Puig posted sales of 4.3 billion euros, a 19 percent increase on 2022, logging net profits of 465 million euros, up 16 percent year-on-year.