(CercleFinance.com) – Coty shares opened sharply lower on Tuesday on the New York Stock Exchange following the announcement by the American cosmetics manufacturer of a placement of 33 million ordinary shares, ahead of accompanied by an upcoming entry on the Paris Stock Exchange.
This primary issue offering must consist of a global placement made to the public in the United States and a private placement, that is to say reserved for qualified investors, for Europe.
At the end of the operation, which should notably be used to reduce debt, shareholders will be offered Coty shares denominated in euros and listed on Euronext Paris or expressed in dollars with a listing in New York.
The perfume group also plans to make the Paris Stock Exchange its second listing market through an introduction on the professional compartment of Euronext Paris.
The objective, according to Coty, is to make it possible to initiate a second liquidity center, in Paris, through a dual listing on the professional compartment of Euronext Paris.
Created in Paris in 1904, Coty is one of the largest beauty groups in the world, with a portfolio of perfume, skincare and makeup brands such as Bourjois, Lancaster and Rimmel.
This announcement comes as the group declared this summer to be studying the project of a double listing on Euronext Paris at a time when it is displaying its ambitions in the ultra-premium skincare and perfumes segment.
A little over an hour after the opening, Coty shares fell 3% on Wall Street on Tuesday.
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