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By
Reuters
Published
May 28, 2013
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Coty says IPO to raise up to $1.2 billion

By
Reuters
Published
May 28, 2013

Rimmel | Source: Coty

Fragrance maker Coty said it expected its initial public offering of up to 65.7 million shares to be priced at between $16.50 and $18.50 each, raising as much as $1.2 billion.

The company said shareholders are offering 57.1 million shares, while underwriters have the option to buy 8.6 million.

Coty, founded in Paris in 1904 by Francois Coty, is majority owned by the billionaire Reimann family of Germany.

Coty, which sells perfumes under brands such as Calvin Klein, Davidoff and Chloe, reported a net profit of $230.3 million on revenue of $3.6 billion in the nine months to March 31.

The company, which failed in an attempt to buy Avon Products Inc for $10.7 billion last year, filed to go public in June.

Warren Buffett's Berkshire Hathaway Inc and private equity firm Rhone Group each own a 7.1 percent stake in Coty, which describes itself as the world's No. 2 fragrance maker.

Coty's products run from luxury perfumes for fashion house Bottega Veneta to skin care products sold at Wal-Mart Stores Inc .

The company said it intends to list its common stock on the New York Stock Exchange under the symbol "COTY."

Coty competes with companies such as Estee Lauder Cos Inc , L'Oreal SA and Elizabeth Arden Inc.

Estee Lauder shares are near their life-high while Elizabeth Arden shares have soared about 32 percent in the last year.

Joint book-running managers for the offer are BofA Merrill Lynch, J.P. Morgan, Morgan Stanley, Barclays, Deutsche Bank Securities and Wells Fargo Securities.

Lead managers are Lazard Capital Markets, Piper Jaffray and RBC Capital Markets.

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