Coty pursues IPO after abandoning Avon bid

Published: 18-May-2012
Finance

Move could value company at up to $8bn


Coty has hired the Bank of America Merrill Lynch and JP Morgan Chase & Co to act as lead underwriters for an initial public offering (IPO), just two days after it withdrew its bid for direct seller Avon.

The banks will advise Coty on a potential offering and an IPO registration, with an estimated valuation of around $7bn-$8bn, could be filed within the next few weeks, leading to it being priced by late summer. A public offering could allow Coty to be in a stronger position when pursuing future acquisitions.

On Tuesday, Coty withdrew its $10.7bn bid to acquire Avon.
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