Puig will join Spain’s blue-chip equities index on July 22, the stock market’s advisory committee said on Tuesday, just over two months after the cosmetics company completed the country’s biggest initial public offering in nearly a decade. Puig will replace Melia Hotels in the IBEX 35 index.

Puig’s share price has risen more than 3 percent since its market debut, in part as investors bet the owner of Rabanne and Carolina Herrera perfumes would join indexes such as the IBEX, which until now has lacked a major luxury presence. Its shares were last trading at 25.35 euros, valuing the company at more than 14 billion euros ($15 billion).

Puig went public after buying brands such as luxury label Byredo and Charlotte Tilbury make-up in recent years to better compete with rivals L’Oréal and Estée Lauder. Its in-house brands such as Rabanne brought in net revenues of more than 1 billion euros in 2023, with Jean Paul Gaultier showing the fastest growth within the portfolio.

In its first note on Puig, JP Morgan forecast the company would benefit from strong demand for premium perfumes as well as make-up and skincare, and said the shares could reach 32 euros apiece by December 2025.

The Barcelona-based company, in which the Puig family retains a majority stake, posted a 10.1 percent year-on-year increase in net sales in the first quarter of 2024, outpacing the wider premium beauty market. Bank of America and JP Morgan expect Puig’s sales to continue to grow ahead of listed peers. They also see opportunities for mergers and acquisitions as Puig has said proceeds from its IPO would help fund investments.