Nearly US$700 million is expected to be raised for the initial public offer of Coty. This was confirmed by an individual familiar with the moves of the cosmetics maker for its market debut.
According to the anonymous source, the company would most likely go public within the next month.
Coty sought to be listed publicly last May and has been considering an IPO for some time now. The IPO plans were set aside though after it was subject to a US$10.7 billion hostile bid for Avon Products.
It has been supported by Joh A. Benckiser and Berkshire Hathaway after the bid was opposed by the Avon board. After the withdrawal of the offer, Coty then sought out investment banks to prepare its plans to undertake an initial public offer.
The firm has been operating from the mixer of perfumes to the global operator of fragrances and nail polishm with endorsers such as Beyonce and Jennifer Lopez.
The offer is being underwritten by JP Morgan Chase, Morgan Stanley and Bank of America Merrill Lynch.
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