Coty Sets Terms for 1 Billion IPO

Coty Inc. has announced that with its filing for its initial public offering, the company is seeking to raise over $1 billion. Initially, that number was expected to be 700 million.

Coty’s shareholders are offering 57.1 million shares, while underwriters have the option to buy 8.6 million, according to an amended prospectus filed on Tuesday.

The shares will be priced between $16.50 and $18.50. The new filing suggests Coty is one step closer to becoming a publicly traded company. The shares will be listed on the New York Stock Exchange under the ticker “COTY.”

Coty filed for an IPO last year, but didn’t go forward with it. Last year it also dropped its $10.7 billion takeover bid for Avon Products Inc.

This year, Coty had posted a small gain in revenues for the nine months ended March 31 to $3.59 billion. Income jumped to $258.1 million from $58 million, in the year-ago period.