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It's Official: Coty Moves Forward with Paris Stock Exchange Listing

Published September 28, 2023
Published September 28, 2023

Coty is pursuing dual listing plans on the Paris Stock Exchange, submitting an application offering 33 million shares of outstanding Class A common stock on the professional segment of Euronext Paris. Based on Coty's closing price in New York on Monday, the offering is valued at about $389 million. Investors will have the opportunity to purchase Coty shares in euros for shares listed on Euronext Paris or dollars for shares listed on the New York Stock Exchange.

The company said it plans to use the net proceeds from the offering to lower outstanding debt, alongside general corporate purposes, such as strategic investments, working capital, and capital expenditures.
BNP Paribas, Crédit Agricole Corporate and Investment Bank, Citigroup, and Santandar are acting as joint global coordinators and joining book-running managers for the offer and as listing agents in connection with the Paris listing.

Coty has historic ties with France, having been founded in Paris in 1904, and first announced it was considering a dual listing in May to tap pools of European investors and sector expertise in a market that is also home to L’Oréal. The expanded offering signals confidence in the leadership of Sue Y. Nabi and her ability to turn the business around. While Coty struggled with management churn and heavy debts, the share price has nearly tripled in value from lows below $4 when she took the helm in 2020.

Coty currently has 70 brands in its portfolio, including beauty licenses for fashion houses owned by LVMH and Kering, with about 45% of Coty's annual net revenue coming from Europe, Middle East, and Africa. In September, the company raised its sales outlook, citing robust demand for higher-end fragrances like the recently launched Burberry Goddess with FY24 like-for-like sales growth now expected to be between 8 and 10 percent.


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