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Coty To Raise $1.2 Billion

Published May 28, 2013
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Coty To Raise $1.2 Billion

Coty Inc 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, which failed in an attempt to buy Avon Products Inc or $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 stake in Coty, which describes itself as the world's No. 2 fragrance maker.

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