Beauty And Fragrance Company Coty Expands Footprint With Global Stock Offering, Paris Listing

Author: Shivani Kumaresan | September 26, 2023 06:06am

Beauty and fragrance company Coty Inc (NYSE:COTY) has disclosed its plans to initiate a global offering of 33 million of its Class A common stock.

This move comes under an effective shelf registration statement that has already been filed with the U.S. Securities and Exchange Commission.

With this new stock offering, the company aims to cater to the U.S. public and investors in select overseas territories on a private placement basis. 

Coty is extending its offering beyond the U.S., specifically targeting the European Economic Area's qualified investors.

Also, the company aims to get its Class A common stock listed on Euronext Paris' professional segment.

If successful, investors can then choose to buy Coty shares either in Euros, if listed on Euronext Paris, or in U.S. Dollars for those on the New York Stock Exchange. 

Coty intends to use the raised capital primarily to decrease its outstanding debt. The company has also earmarked portions of the proceeds for corporate ventures, including strategic business investments, working capital enhancements, and capital expenditures.

Also Read: Coty Renews License Agreement With Adidas

Price Action: COTY shares closed lower by 0.67% at $11.79 on Monday.

This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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