Coty Falls in Trading Debut After Raising $1 Billion in IPO
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Coty Inc., maker of perfumes endorsed by Beyonce and Heidi Klum, dropped in New York trading after raising about $1 billion on behalf of existing holders in an initial public offering yesterday.
The stock fell less than 1 percent to $17.36 as of 4:02 p.m. Coty’s owners including the billionaire Reimann family sold 57.1 million shares for $17.50 each, after offering them for $16.50 to $18.50 apiece.