THE WHAT? Coty has filed an IPO for its Brazilian unit in order to help it deleverage and expand its businesses, according to a report by US News.
THE DETAILS While the offering amount of price per share is yet to be disclosed, a source has stated that the company is aiming to raise at least 1 billion reais ($190.68 million) to its coffers in the IPO.
Santander Brasil, Bank of America, Itau BBA will handle the transaction.
THE WHY? Coty stated in the filing with the Brazilian securities regulator that it plans to raise fresh proceeds to expand e-commerce and develop new products, and is the latest firm to cash in on the record IPO wave in Latin America.
Chief Financial Officer Laurent Mercier said in a call with analysts, “It’s definitely a decision with the goal of supporting the growth of the Brazil business and Coty’s personal-care brands.”