Spanish cosmetics group Puig has hired investment banks Goldman Sachs and JPMorgan as advisers for a possible stock market listing, a source close to the matter told Reuters.

The family-owned company, which owns brands such as Carolina Herrera, Paco Rabanne and Charlotte Tilbury, could be worth as much as €8 billion ($8.6 billion), according to a report by the Spanish newspaper Expansion earlier on Thursday.

Puig and JPMorgan declined to comment. Goldman Sachs did not immediately respond to a request for comment.

The news comes as the market for initial public offerings (IPO) picks up following a prolonged drought caused by tightening monetary policy after years of cheap borrowing and Russia’s invasion of Ukraine.

Improving market sentiment towards new stocks, coupled with greater visibility on interest rates, have encouraged some European businesses in recent months to go public.

Hotelbeds, a Spain-based company which sells hotel rooms to wholesale customers such as travel agencies and tour operators, is also said to be mulling an IPO.

Barcelona-based Puig saw sales jump 40 percent to €3.6 billion last year, benefiting from strong demand following the Covid-19 pandemic. The company said in March it expected to reach €4.5 billion in sales by 2025.

By Andres Gonzalez, Inti Landauro, Pablo Mayo Cerqueiro and Corina Rodriguez; Editors: Elisa Martinuzzi and Mark Potter

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