Coty IPO raises nearly $1 billion in proceeds - Fox 2 News Headlines

Coty IPO raises nearly $1 billion in proceeds

Posted: Updated:

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.

AP-WF-06-13-13 1051GMT

  • Your MoneyMore>>

  • Getting married? You may want your prenup to protect your 'digital privacy'

    Getting married? You may want your prenup to protect your 'digital privacy'

    Friday, April 18 2014 10:11 PM EDT2014-04-19 02:11:48 GMT
    Realty TV star Kim Kardashian probably wished she did have one before she walked down the aisle with Kris Humphries. We might never have known about Tiger Woods' cheating ways if he had one. And figure skater Johnny Weir is insisting on one as part of his post-nuptial agreement. What is it? A digital privacy clause. New York City divorce lawyer Bettina Hindin says once you push "send" someone can find it.
    Realty TV star Kim Kardashian probably wished she did have one before she walked down the aisle with Kris Humphries. We might never have known about Tiger Woods' cheating ways if he had one. And figure skater Johnny Weir is insisting on one as part of his post-nuptial agreement. What is it? A digital privacy clause. New York City divorce lawyer Bettina Hindin says once you push "send" someone can find it.
  • Grocery-store etiquette

    Grocery-store etiquette

    Friday, April 18 2014 7:24 PM EDT2014-04-18 23:24:07 GMT
    Whether barricading shopping aisles with abandoned carts, massaging every piece of fruit in the building, or blankly staring at a shelf of items so no one else can pick one, grocery store pests can turn a quick trip to restock your fridge into a nightmare.
    Whether barricading shopping aisles with abandoned carts, massaging every piece of fruit in the building, or blankly staring at a shelf of items so no one else can pick one, grocery store pests can turn a quick trip to restock your fridge into a nightmare. In the hope of gently educating those unclear on grocery-shopping etiquette, we asked you to help us put together a list of what not to do.
  • Expert: credit cards are not fully secure

    Expert: credit cards are not fully secure

    Friday, April 18 2014 6:49 PM EDT2014-04-18 22:49:51 GMT
    Another week and another credit card hacking at a major retailer. This time it was Michael's craft store. Consumers are uneasy because current credit card technology is antiquated. "The fact is you cannot protect your credit cards, you can't every time you give it out it is vulnerable to fraud," says Robert Siciliano, McAfee identity theft expert.
    Another week and another credit card hacking at a major retailer. This time it was Michael's craft store. Consumers are uneasy because current credit card technology is antiquated. "The fact is you cannot protect your credit cards, you can't every time you give it out it is vulnerable to fraud," says Robert Siciliano, McAfee identity theft expert.
Powered by WorldNow

WJBK-TV | Fox 2
16550 West Nine Mile Rd.
Southfield, MI 48075

Main Station: (248) 557-2000
Newsroom: (248) 552-5103

Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | Terms of Service | Ad Choices