Coty Inc. said in a regulatory filing Tuesday that its selling stockholders are offering about 57.14 million shares of Class A common stock. It anticipates that the initial public offering price per share will be between $16.50 and $18.50. It intends to list the Class A common stock on the New York Stock Exchange under the symbol "COTY." The company said it will not receive any proceeds from the sale of shares of Class A common stock by the selling stockholder.
To the extent that the underwriters sell more than 57.14 million shares of Class A common stock, the underwriters have the option to purchase an additional 8.57 million shares from the selling stockholders at the initial offering price less the underwriting discount.
Upon consummation of this offering, the company will have two classes of common stock: Class A common stock and Class B common stock. The rights of the holders of Class A common stock and Class B common stock will be identical, except with respect to voting, conversion and transfer restrictions applicable to the Class B common stock. Each share of Class A common stock will be entitled to one vote. Each share of Class B common stock will be entitled to ten votes and will be convertible at any time into one share of Class A common stock.
Founded in Paris in 1904, Coty is a pure play beauty company with a portfolio of well-known brands that compete in the three segments in which it operates: Fragrances, Color Cosmetics and Skin & Body Care.
In fiscal 2012, the company reported net revenues of $4.6 billion, which represented an average annual growth rate of 16% from fiscal 2010 net revenues of $3.5 billion, or 8% excluding the effects of recent acquisitions and foreign currency exchange translations.
The company said it intends to pay an annual cash dividend at a rate initially equal to $0.15 per share of our Class A common stock, as well as its Class B common stock, in the second fiscal quarter of each fiscal year. Dividends will only be paid when, as and if declared by Board of Directors.
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