Coty Inc (NYSE:COTY), the beauty and skincare company, has launched a global offering of 33 million shares of Class A stock, as part of a plan to seek a dual listing in Paris, hoping that a foothold on the French exchange will boost its profile with beauty-focused investors.
The maker of cosmetics lines including CoverGirl and Maxx Factor said the offer will be made to the public in the US and on a private placement basis outside of the US, including in Europe.
The firm said it had applied for the listing and trading of its Class A stock on the Euronext Paris, which is subject to the approval of a listing prospectus.
Coty plans to use the net proceeds primarily to reduce debt, along with general corporate purposes, such as strategic investments in its business, working capital and capital expenditures.
Coty first announced it was examining a dual listing in May and said at the time it wanted to tap pools of European investors and sector expertise in a market that is also home to L’Oréal, the world’s biggest beauty company by sales.