Catalan beauty group Puig to join Spain's Ibex 35 two months after IPO

The Catalan beauty group Puig will join Spain's Ibex 35 index on July 22, becoming one of the 35 most liquid securities listed on the Electronic Stock Market Interconnection System in Spain, which includes Madrid, Barcelona, Bilbao, and Valencia stock exchanges.

Puig will be part of the index only two months after their IPO, the "largest globally in 2024 and in Europe since 2022," a text shared by the company reads. This was the largest IPO in Spain since 2015.

The company shares have "had a robust market performance," and the brand currently has a market capitalization of €14.4 billion.

Puig will replace the Balearic Islands' company Meliá Hotels, one of the most important hotel groups in Spain.

Spain's Ibex 35 Technical Advisory Committee (TAC) decided to let Puig join the index, after its evaluation based on several criteria including trading volume, liquidity, and market capitalization.

The brand launched its IPO on May 3, with a price of €24.5 per stock.

The Barcelona-based family-owned company owns 17 brands, such as Paco Rabanne, Jean Paul Gaultier, and Caroline Herrera. 

The company, which operates in 32 countries, hoped that the stock market debut in May would allow it to compete with the giants of the sector, such as L'Oréal, its main competitor.

In 2023, the company posted record sales of €4.3 billion, 19% more than the previous year. 95% of the profits were generated by brands wholly or mostly owned by Puig. 

After the IPO, the family will retain 71% of the company's economic rights and 92% of its voting rights.