Puig joins Ibex 35 index after ‘solid’ market performance

Beauty and fashion group Puig has been selected to join the exclusive Ibex 35 index from July 22 after exhibiting “solid performance in the market” just two months on from its IPO filing.

The decision comes following an agreement between Ibex’s Technical Advisory Committee to restructure the index, and thus place Puig, which will replace hotel chain Meliá, on the list.

According to the committee, changes within Ibex are to be made July 19, and will come into effect on July 22, seeing Puig join a ranking of companies with the highest market capitalisation on the Spanish stock exchange market.

Puig made its debut on the stock market with an initial price of 24.50 euros per share, and has since performed well, with its share price now having shot up to 25.99 euros after the announcement of its Ibex selection.

The multinational group, which owns Nina Ricci, Rabanne, Caroline Herrera and Jean Paul Gaultier, among many others, celebrated the milestone by highlighting once again its “robust” market performance.

In a release, the company said that it had a current market capitalisation of 14.4 million euros and as of July 9, its class B shares were valued at 4.4 billion euros, making it one of the top 20 of Ibex 35 constituents.

The index comprises the 35 most liquid securities listed on the Electronic Stock Market Interconnection System (SIBE), across the Madrid, Barcelona, Bilbao and Valencia stock exchanges.