Puig and its founding family raised €2.6 billion ($2.8 billion) in an initial public offering. Shares in the Spanish beauty group began trading at €25.50, 4.1% above the €24.50 offer price, in the largest market debut in Europe this year.WHO: The 110-year-old Spanish conglomerate Puig is a third-generation family-owned fashion and fragrance business. Its portfolio of brands includes a combination of owned brands such as Byredo, Loto del Sur, Charlotte Tilbury, Dries Van Noten, Carolina Herrera, Nina Ricci, Paco Rabanne, Jean Paul Gaultier, Penhaligon's, and L'Artisan Parfumeur and licenses. The products are sold in over 150 countries.WHY: The company has said it intends to use the proceeds to refinance recent acquisitions, pay down debt, and to make future investments. Members of the Puig family were the biggest individual winners in the IPO. The offering created a significant $12 billion liquidity event for over a dozen Puig heirs.Unlike other family-run empires, Barcelona-based Puig will not be passing control to the next generation. Chief Executive and third-generation family member Marc Puig has said family-owned businesses face “traps” that outside investors and external scrutiny could help them avoid. Three members of the Puig family left the board last month and independent directors filled the roles.DETAILS:Puig started trading on May 3 on the Madrid Stock Exchange under the symbol PUIG, opening 4.1% higher than the €24.50 ($26.30) per share offer price. Puig raised €2.6 billion in fresh capital by issuing 106.5 million shares, and the float valued the business at €13.9 billion.