Coty follows through with dual listing, applies for Euronext Paris

After months of speculation and vague details of planning, beauty giant Coty has officially applied for the listing and trading of its Class A common stock on Euronext Paris.

The American cosmetics group, which already trades on the New York Stock Exchange, revealed that it was mulling a dual listing back in May, stating at the time that such a move would allow it to strengthen its presence in the European market and attract new investors.

Now, the company has gone ahead with the listing, offering 33 million shares that will be made public in the US and private outside, with options to purchase in either euros on Euronext Paris or US dollars for shares listed on the NYSE.

Coty said that it intends to use the net proceeds from the offering to cater to outstanding debt, alongside general corporate purposes, such as strategic investments, working capital and capital expenditures.

BNP Paribas, Crédit Agricole Corporate and Investment Bank, Citigroup and Santandar are acting as joint global coordinators and joining book running managers for the officer, and as listing agents in connection with the Paris listing.

Coty is also currently enjoying strong momentum financially, last week announcing that it would increase its guidance for the full year, with FY24 like-for-like sales growth now expected to be between 8 and 10 percent.