Coty plans to raise $700 million in its IPO

[June 29, 2012]  NEW YORK (AP) -- Coty Inc. plans to raise $700 million in an initial public offering after dropping a $10.7 billion takeover bid for its much larger rival, Avon.

The New York beauty products maker said in a regulatory filing Friday that its stock will list under the "COTY" ticker symbol, but did not specify yet whether it would be on the Nasdaq or the New York Stock Exchange.

The company did not give an estimated price range for the stock or disclose how many shares selling stockholders would offer. Coty said it won't receive any proceeds from shares sold by selling stockholders.

Last month Coty abandoned its bid for Avon Products Inc. after the struggling makeup company did not immediately accept a revised offer worth 6.5 percent more than its first.

[Associated Press]

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