Coty has applied to list its class A common stock on the professional segment of Euronext Paris, it said in a statement Monday. Investors will have the option to purchase Coty shares in euros for the Paris-listed stock or in US dollars for the New York-traded stock.
Coty plans to hold a call with prospective investors on Sept. 26 at 9:30 a.m. New York time and price the offering before the US market opens Sept. 28, according to terms for the deal obtained by Bloomberg. Coty has historic ties to France, having been founded in 1904 in Paris. Coty’s offering is a rare win for Europe at time when the region’s homegrown companies are turning to the US in search of higher valuations. The cosmetics company said in May it was mulling a listing in Paris — “the historic home of beauty” — to tap a fresh pool of capital.
Coty in September raised its sales outlook for the year, citing robust demand for higher-end fragrances like the recently launched “Burberry Goddess.” Its brands include Covergirl, Kylie Cosmetics and Gucci and Hugo Boss fragrances.
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