Coty Plans To Bolster European Presence With Upcoming Paris Listing: Report

Leading U.S. beauty and fragrance company Coty Inc COTY is reportedly progressing with its plans for a potential Paris listing in the coming weeks.

Coty, headquartered in New York, has enlisted BNP Paribas SA BNPQY and Citigroup Inc C to assist with the transaction, according to a report from Bloomberg.

While the specific details remain undisclosed, Coty is reportedly considering raising new capital through this listing. 

On Thursday, the company's share price increased by 2.4% to $12.27, raising its market valuation to roughly $10.5 billion. 

This decision for a second listing in Paris aligns with Coty's intention, expressed in May, to tap into a new investor base and reinforce its standing in Europe. 

Also Read: Coty Raises €500 Through Debt Offering

While plans are still under discussion, market dynamics could influence the final offering details. 

Meanwhile, driven by a high demand for luxury fragrances, Coty revised its sales forecast for the fiscal year FY24, anticipating a like-for-like sales growth of 8% to 10%.

The company reported fourth-quarter FY23 sales growth of 16% year-on-year to $1.35 billion, beating the consensus forecast of $1.31 billion.

Price Action: COTY shares closed higher by 2.42% at $12.27 on Thursday.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.