Barcelona-based cosmetics group Puig, the family business behind many brands including Charlotte Tilbury, Paco Rabanne and Carolina Herrera, is planning to list in Madrid and other Spanish stock exchanges.

Puig is preparing for an initial public offering (IPO) through which it aims to raise more than €2.5 billion in Spain’s largest initial public offering in almost a decade.

The Catalan company announced its plans to list in Madrid and on other Spanish stock exchanges in a regulatory filing.

Puig has been valued by some bankers and analysts at between €8 billion and €10 billion.

The company aims to sell €1.25 billion of new shares and an even larger amount of existing stock through the IPO.

The Puig family will retain a majority stake and the vast majority of the voting rights of the company.

The family will hold “A” shares which carry five votes while outside investors will be offered “B” shares which carry one vote.

“We believe that the balance of being a family-owned company that is also subject to market accountability will allow us to better compete in the international beauty market during the next phase of the company’s development …” said chairman and chief executive Marc Puig.

“We strongly believe that building premium brands requires long-term thinking and having a family behind a company fosters this long-term approach, because they tend to care in equal measure about the time horizon of the next generation and the next quarter.”