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Coty’s IPO Aims to Raise $700M

Warren Buffett already owns a 7.5% stake


Coty, which is a French manufacturer of fragrances, has filed to go public. The lead underwriters include BofA Merrill Lynch (NYSE:BAC), J.P. Morgan (NYSE:JPM) and Morgan Stanley (NYSE:MS). Coty plans to list either on the NYSE or NASDAQ with ticker of “COTY”.

Founded in 1904, Coty is now majority-owned by the German billionaire family, the Reimanns. Although, Berkshire Hathaway’s (NYSE:BRK.A, NYSE:BRK.B) Warren Buffett owns a 7.5% stake.

Back in May, Coty tried to acquire Avon (NYSE:AVP) for $10.7 billion but the offer was rebuffed.  Yet it seems likely that the company will continue to seek out major acquisitions.

Last year, Coty posted revenues of $4.1 billion, up from $3.48 billion in 2010. Net income came to $61.7 million.

During the past year, luxury company IPOs have fared very well, as seen with offerings from companies Michael Kors (NYSE:KORS).

–Tom Taulli,

Article printed from InvestorPlace Media,

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