COTY INC INITIAL PUBLIC OFFERING
Thursday, May 30, 2013 at 7:35AM Perfume maker Coty Inc. (COTY) is seeking as much as $1.1 billion on behalf of its shareholders in a U.S. initial public offering set for June 12. The company’s owners, including private-equity firm Berkshire Partners, plan to offer 57.1 million shares for $16.50 to $18.50 each. Coty will not get any proceeds from the IPO.
New York based Coty filed for its IPO in June of last year, but delayed plans to complete the sale until this year, in part to give CEO Michele Scannavini, who took over the role August 1, 2012, time to acclimate.
Bank of America Corp., J.P. Morgan Chase & Co. and Morgan Stanley are managing Coty’s sale. Coty, which holds perfume licenses for brands that include Marc Jacobs and Calvin Klein, was founded in 1904 in Paris by Francois Coty.
Coty’s offering comes at a time when other publicly traded peers such as Estee Lauder and Avon have surged. Estee Lauder gained 19 percent and Avon 64 percent.