Coty prices global shares at $10.80 ahead of Paris listing
Reuters
Published Sep 28, 2023 01:35PM ET
(Corrects paragraph 2 to remove reference to Paris Stock exchange and say on Sept. 25 and not last week)
(Reuters) - Coty (NYSE:COTY) said it would price its global offering of 33 million shares at $10.80 per share, and the stock is expected to start trading on the Paris Stock Exchange at 9.30 a.m. Eastern Time on Thursday.
The CoverGirl cosmetics maker, which said in May that it would explore a dual listing in Paris, launched its global offering on Sept. 25.
The company's U.S.-listed shares have fallen about 7% since the launch, but were up marginally in premarket trade on Thursday.
The beauty company, which earns 45% of its annual net revenue from Europe, Middle East and Africa, said it plans to use the proceeds from the offering to lower the principal amount of its debt.
Last week, Coty raised its annual core sales forecast as consumers continued to spend on its higher-priced beauty and skincare products ranging from Hugo Boss and Burberry, despite persistent inflation.
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Written By: Reuters
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