Coty to Seek IPO

Following the revoking of its bid to buy global beauty company Avon, Coty is now reportedly preparing an initial public offering (IPO) of the company.

Reuters and The Wall Street Journal report Coty had selected Bank of America Merrill Lynch and JPMorgan Chase & Co to lead the IPO and would be filing a prospectus with U.S. regulators soon.

Sources say the IPO would value Coty at more than $7 billion, and the offering is expected to be priced this summer or early fall, according to reports.

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