An initial public offering within the expected range of $17.50 per share was set by Coty, a New York-based beauty and cosmetics company on Wednesday. The company, a producer of expensive perfume and celebrity fragrances, said that their stocks rose which prompted the sale of shares of stocks.
A German billionaire family owns a majority of the stocks in Coty. The Reimann family, who owns the company though their Joh A. Benckiser firm, gained a total of $1 billion through planned pricing of over 57 million shares.
Coty announced that it will not be gaining any profits from the sale of shares of stock. Joh A. Benckiser offered 43.6 million shares. The said investment vehicle owns 82 percent of Coty's stocks. Joh A. Benckiser are also part owners of other fashion companies such as Jimmy Choo. JAB also has stocks invested in coffee company Caribou Coffee.
Coty reported revenue of almost $3.6 billion after its 9-month sales period.
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