Shares of the fragrance, fashion and beauty company behind brands such as Jean Paul Gaultier and Rabanne began trading Friday, as Europe pulled ahead in the global IPO race. Puig Brands stock was recently up modestly from its offer price. It is the world's largest initial public offering so far this year, according to Dealogic, and European IPO volumes, at $13.5 billion, are outrunning the U.S. European markets have now hosted the three biggest IPOs in 2024, including Puig; the Swiss skincare specialist Galderma Group; and CVC, an Amsterdam-listed buyout firm.