Unfortunately, the proposed share offering will be from selling stockholders only. The filing shows that the offering will be 57,142,857 shares of the Class A common stock, or 65,714,285 shares if the underwriters choose to exercise the overallotment option. This could be a stock offering of more than $1.21 billion, if the price goes off at the high-end of the range.
Be advised that underwriting syndicate is expected to be huge. The joint book-running managers include Bank of America/Merrill Lynch, J.P. Morgan, Morgan Stanley, Barclays, Deutsche Bank and Wells Fargo Securities. The lead managers will be Lazard Capital Markets, Piper Jaffray and RBC Capital Markets; co-managers are shown to be BNP PARIBAS, Credit Agricole CIB, HSBC, ING, Moelis & Company, RBS, Sanford Bernstein and Santander. There is even a group of junior co-managers listed: Ramirez & Co., Telsey Advisory Group and Williams Capital Group.
Coty dates back more than 100 years as it was founded in Paris in 1904, and it is now a beauty company with a portfolio of well-known brands in fragrances, color cosmetics and skin and body care. Its top 10 brands brought in roughly 70% of net revenues in fiscal 2012: Adidas, Calvin Klein, Chloé, Davidoff, Marc Jacobs, OPI, philosophy, Playboy, Rimmel and Sally Hansen. In fiscal 2012, Coty had net revenues of $4.6 billion, an average annual growth rate of 16% from 2010.
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