Coty IPO raises nearly $1 billion in proceeds
Coty IPO of about 57.1M shares raises nearly $1 billion for some of the company's stockholders
NEW YORK (AP) -- An initial public offering of approximately 57.1 million shares has raised nearly $1 billion for some of the shareholders of beauty products company Coty.
The offering priced at the midpoint of its projected range of $16.50 to $18.50 per share.
Coty Inc., which is known for its celebrity fragrances and OPI nail polish, said Thursday that the shares are being sold by existing stockholders. The New York company will not receive any proceeds from the offering.
The underwriters have a 30-day option to buy an additional 8.6 million shares.
Coty, founded in Paris in 1904, has managed to successfully broaden its business to cover an array of personal health and beauty needs. While some consumers may not know of the company itself, they more than likely have used some of its brands, which include Rimmel, Sally Hansen and philosophy.
For its fiscal year ended June 30, Coty posted a loss of $324.4 million on $4.61 billion in revenue. Excluding one-time items, it had an adjusted profit of $301 million. For fiscal 2011, Coty reported a profit of $61.7 million on $4.09 billion in revenue.
Coty originally filed for an IPO last year, but didn't proceed with it. Also in 2012, the company dropped its $10.7 billion bid for Avon Products Inc. after the makeup company did not immediately accept its revised offer.
Shares are expected to start trading on the New York Stock Exchange on Thursday under the "COTY" ticker symbol.
