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NEW YORK — Coty announced on Thursday the pricing of its initial public offering of 57.1 million shares of its Class A common stock at a price of $17.50 per share.
Coty's Class A common stock began trading on the New York Stock Exchange on Thursday under the ticker symbol COTY. As reported, the shares offered are being sold by existing Coty stockholders, and the beauty company will not receive any of the proceeds of the offering.
These existing stockholders also have granted the underwriters an option for 30 days to purchase an additional 8.6 million shares of Class A common stock at the initial offering price less the underwriting discount.
Michele Scannavini, CEO of Coty, accompanied by Coty’s executive committee and a group of business partners, celebrated the company’s first day of trading by ringing the NYSE Opening Bell and visiting the trading floor for the stock opening.
“Today marks an important milestone in the continued growth of Coty, as we list on the prestigious New York Stock Exchange,” Scannavini said. “We are proud of Coty’s many accomplishments and proven industry track record, and are enthusiastic to embark on this exciting new chapter.”
As of late morning, shares were trading at $17.22, down 1.6%.