Global beauty products maker Coty, Inc. (COTY) on Wednesday priced its initial public offering of 57.14 million shares of Class A common stock at $17.50 per share, the mid-point of its expected range. The offering is said to have raised proceeds nearing $1 billion. The company's stock is expected to begin trading on the New York Stock Exchange on Thursday under the ticker symbol "COTY."
The New York-based world's largest fragrance company revealed in an amended Form S-1 filing with the U.S. Securities and Exchange Commission on May 28 that it will sell 57.14 million shares of Class A common stock at an estimated price range between $16.50 and $18.50.
Following the completion of the offering, the company will have 382.83 million shares of common stock outstanding, immediately valuing the company at about $6.7 billion.
The shares offered through the IPO are being sold by existing Coty stockholders, and Coty will not receive any of the proceeds of the offering.
These existing stockholders have also granted the underwriters an option for 30 days to purchase an additional 8.57 million shares of Class A common stock at the initial offering price less the underwriting discount.
The offering is slated to be the largest by a consumer products company in the U.S. if the underwriters utilize their option in full, generating total proceeds of $1.15 billion. This will then top the $1.13 billion IPO offering of Carolina Group in 2012.
BofA Merrill Lynch, J.P. Morgan Securities LLC, Morgan Stanley, Barclays, Deutsche Bank Securities and Wells Fargo Securities are acting as joint book-running managers for the offering. Meanwhile, Lazard Capital Markets, Piper Jaffray and RBC Capital Markets are acting as lead managers.
Coty is majority owned by Joh. A. Benckiser SE, currently holding 80.5 percent stake in the company. Joh. A. Benckiser is the German holding company that manages the investments of Coty's controlling Reimann family.
Warren Buffett's Berkshire Hathaway and Rhone Capital L.L.C each own a 7.5 percent stake in Coty. Coty's Chairman Lambertus Becht and Chief Executive Bernd Beetz, hold 1.2 and 1.6 percent stake, respectively.
Founded in Paris in 1904, Coty is a pure play beauty company with a portfolio of well-known fragrances, color cosmetics and skin & body care products sold in over 130 countries and territories. Coty's product offerings include globally recognized brands such as adidas, Calvin Klein, Chloe, Davidoff, Marc Jacobs, OPI, philosophy, Playboy, Rimmel and Sally Hansen.
Since the beginning of fiscal 2011, Coty launched seven new fragrance brands, including Bottega Veneta, Lady Gaga Fame and Roberto Cavalli. In fiscal 2012, it also launched ck one color under the Calvin Klein brand, and it launched a new fragrance Lady Gaga Fame in fiscal 2013.
Coty holds the number two global position in fragrances, and number six global position in color cosmetics as well as have a strong regional presence in skin & body care. In fiscal 2012, the company achieved net revenues of $4.6 billion.
Coty publicly filed an initial registration statement on Form S-1 with the U.S. SEC for a $700 billion IPO a year ago on May 29, 2012, immediately after it withdrew its $10.7 billion takeover offer for larger rival Avon Products, Inc. (AVP). The company had initially stated that it will either list its shares on the Nasdaq or NYSE, but made its selection of NYSE on October 22, 2012.
In mid-May 2012, Coty dropped the takeover bid for Avon after the deadline set for negotiation talks expired. Coty had then said it was time for it to "move on and pursue other opportunities." Coty had initially offered to acquire Avon for $23.25 per share, in an all-cash deal valued at about $10 billion. The offer was later sweetened to $24.75 per share.
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