Coty Inc. announced the pricing of initial public offering of 57.14 million shares of its Class A common stock at a price of $17.50 per share, at middle of estimated range.
In the amended S-1 filing with the SEC, the company had estimated to offer 57.14 million of Class A Shares of between $16.50 and $18.50.
The New York-based company's Class A common stock is expected to begin trading on the New York Stock Exchange on June 13, 2013 under the ticker symbol "COTY."
The shares offered are being sold by existing Coty stockholders, and Coty will not receive any of the proceeds of the offering.
The company, which was founded in Paris in 1904 by Francois Coty, said its existing stockholders have also granted the underwriters an option for 30 days to purchase an additional 8,571,428 shares of Class A common stock at the initial offering price less the underwriting discount.
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.
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 in its regulatory filing that it intends to pay an annual cash dividend at a rate initially equal to $0.15 per share of 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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