If you are an investor or market observer who wants to invest in new initial public offerings (IPOs) around top retail brands, Coty is one you may have waited for. Now Coty’s IPO is awaiting you. Another amended SEC filing was posted on Tuesday morning showing details of the proposed Coty IPO. The price per share is being set at $16.50 to $18.50, and Coty will trade under the ticker COTY on the New York Stock Exchange.
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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