THE WHAT? Coty has announced a proposed secondary offering of Class A common stock, sold by KKR Rainbow Aggregator.
THE DETAILS Some 50,000,00 shares will be sold in the offering, with Morgan Stanley acting as the underwriter.
According to a statement, Coty will not sell any Class A common stock and will not receive proceeds from the offering.
THE WHY? Coty has been on the road to recovery of late, with the company announcing another quarter of improvement in its financial results for the fourth quarter of fiscal year 2021.
Having announced a multi-year strategy, the beauty giant is said to have completed a ‘transformational year.’