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Leading U.S. beauty and fragrance company Coty Inc (NYSE:COTY) is reportedly progressing with its plans for a potential Paris listing in the coming weeks.
Coty, headquartered in New York, has enlisted BNP Paribas SA (OTC:BNPQY) and Citigroup Inc (NYSE:C) to assist with the transaction, according to a report from Bloomberg.
While the specific details remain undisclosed, Coty is reportedly considering raising new capital through this listing.
On Thursday, the company's share price increased by 2.4% to $12.27, raising its market valuation to roughly $10.5 billion.
This decision for a second listing in Paris aligns with Coty's intention, expressed in May, to tap into a new investor base and reinforce its standing in Europe.
Also Read: Coty Raises €500 Through Debt Offering
While plans are still under discussion, market dynamics could influence the final offering details.
Meanwhile, driven by a high demand for luxury fragrances, Coty revised its sales forecast for the fiscal year FY24, anticipating a like-for-like sales growth of 8% to 10%.
The company reported fourth-quarter FY23 sales growth of 16% year-on-year to $1.35 billion, beating the consensus forecast of $1.31 billion.
Price Action: COTY shares closed higher by 2.42% at $12.27 on Thursday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
