The biggest initial public offering (IPO) in Spain in almost a decade, Puig, a beauty firm, had a muted debut on Friday with flat shares, indicating a lackluster reception.

The stock price jumped at the opening of trading but has since fallen, leveling out at 24.5 euros, its issue price. This followed earlier in the week when Puig, owner of Rabanne and Carolina Herrera brands, achieved a market value of about 14 billion euros by pricing its oversubscribed initial public offering (IPO) at the top end of its intended valuation range.

According to someone acquainted with the deal, Puig’s initial public offering (IPO) was priced at the upper end, which contributed to the underwhelming outcome, along with the falling share price of Estee Lauder. Shares of Puig may see increased demand if the company were to join stock indices, such as Spain’s IBEX 35.

Trea Asset Management’s Xavier Brun is considering investing in Puig because of the high demand it could generate, particularly from retail investors who were left out of the first public offering.

Rising stock prices and positive market confidence have spurred a slew of European listings this year, including Puig’s initial public offering. The uneven success of recent listings is reflected in the wildly varying stock prices of newly listed companies.

In its first public offering (IPO), family-owned Puig hopes to garner as much as 3 billion euros. Marc Puig, chairman and CEO, highlighted the family’s dedication to the company’s long-term success by referencing its history of acquisitions and consistent sales growth.

In spite of setbacks, Puig is bullish about its future, with ambitions to increase its footprint in the wealthy EMEA markets and enter the lucrative Asian market. Puig plans to effectively traverse the ever-changing beauty business landscape by concentrating on both immediate outcomes and future sustainability.