Barely six weeks after an unsuccessful offer of $24.75/share for Avon Products Inc. (NYSE: AVP), Coty Inc. has filed a Form S-3 with the SEC today, revealing its plans for an IPO to raise up to $700 million. The filing does not indicate how many shares will be sold or at what price, but does say that the shares on offer are Class A shares being sold on behalf of existing stockholders. The company will trade on NASDAQ under the stock symbol ‘COTY’.
The company will also have Class B shares, which will entitle holders to 10 votes per share. Class A shares will entitle owners to 1 vote per share. A Class B share may be converted at any time into a Class A shares.
The principal owner of Coty is a German firm, JAB Holdings, which holds 80.5% of Coty’s outstanding shares. Affiliates of private equity firm Berkshire Investors holds 7.5% of Coty as do affiliates of Rhône Group LLC. Coty directors and managers own 5.6% of the stock, with no other shareholder owning more than 2.2%. The filing did not indicate how many shares each holder would be selling at the IPO.
According to the filing:
In fiscal 2012, we expect to achieve net revenues in excess of $4.5 billion, which would represent an average annual growth rate of 14% from our fiscal 2010 net revenues of $3.5 billion, or 7% excluding the effects of recent acquisitions and foreign exchange translations. Over the twelve months ended March 31, 2012, we generated $304 million of operating income and $566 million of Adjusted Operating Income.
The company’s beauty brands include adidas, Calvin Klein, Chloë, and Marc Jacobs. The company claims to be the world’s second largest seller of fragrances, the sixth largest seller of color cosmetics, and to “have a strong regional presence in skin & body care.” In 2012, Coty expects to generate 53% of revenue from sales of fragrances, 30% from color cosmetics, and 17% from skin & body care.
The full filing is available here.