Coty: Paris to become a second home for the stock
(CercleFinance.com) - Coty shares closed down almost 2% on Tuesday in New York after the US cosmetics manufacturer announced an offering of 33 million common shares, to be accompanied by a forthcoming listing on the Paris Bourse.
The primary offering is to consist of a public offering in the US and a private placement (i.e., reserved for qualified investors) in Europe.
At the end of the operation, which is notably intended to reduce the company's debt, shareholders will be offered Coty shares denominated in euros and listed on Euronext Paris, or denominated in dollars and listed in New York.
The perfume group also plans to make the Paris Bourse its second listing market, through an IPO on the professional segment of Euronext Paris.
Coty says it aims to initiate a second center of liquidity, in Paris, through a dual listing on the professional compartment of Euronext Paris.
Founded in Paris in 1904, Coty is one of the world's leading beauty groups, with a portfolio of fragrance, skincare and make-up brands such as Bourjois, Lancaster and Rimmel.
The group said in the summer that it was studying the possibility of a dual listing on Euronext Paris, at a time when it is displaying its ambitions in the ultra-premium skincare and fragrance segment.
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