PARIS — On its first day of trading on the professional segment of Euronext Paris Thursday, Coty Inc.‘s stock remained stable, closing the day down about 0.1 percent to 10.39 euros.
The maker of CoverGirl and Lancaster products began trading on the exchange at 3:30 p.m. CET.
As previously reported, the beauty company, which is already listed on the New York Stock Exchange, on Monday announced the launch of a global offering of 33 million shares of Coty’s outstanding Class A common stock. It is part of a plan to secure a double listing in Paris.
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The price was set at 10.28 euros, or $10.80 per share.
Coty said in May that it was looking into a dual listing. The company had gone public in New York in 2013.
In May, during an interview with WWD, Coty chief executive officer Sue Y. Nabi explained why the company was mulling such a move in the French capital.
“European investors want to buy Coty stock. It’s as simple as this,” she said. “This is the right moment to do so. Eleven quarters in line or ahead of expectation is a good moment to start this. I would say that on the Paris Stock Exchange half of the market cap is made with beauty and luxury companies, and we are a beauty and luxury company.”
Coty intends to use the net proceeds of an offering primarily to pay off outstanding debt and also for general corporate purposes, such as making investments, working capital and capital expenditures.
At the close of its most recent fiscal year, ended June 30, Coty’s net debt stood at $4 billion.