Fragrance maker Coty has raised $1bn via its IPO, which saw its private equity backers partially exit their stakes.
This was the largest flotation in the consumer products sector since the Carolina Group went public in a $1.1bn IPO in 2002, according to Dealogic.
The company’s controlling shareholders the Reimann family reduced their stake, as did private equity firms Berkshire Partners and Rhone Group. The owners sold a total 57.1 million shares at $17.50 per share, which was in the middle of the proposed price range of $16.50 and $17.50 per share.
Earlier this month it was reported that Coty planned to raise $1.2bn via the sale of more than 65 million shares with Berkshire and Rhone dropping their stakes to 6.6 per cent from 7.1 per cent.
Under the terms of the share issue, existing shareholders will have ten votes per share, allowing the Reimanns to retain control over the business.
Last year Coty made an unsuccessful $10.7bn bid for Avon Products, which said the offer undervalued the company.
The company, whose brands include Calvin Klein, Davidoff and Rimmel, posted a $324m loss on revenues of $4.6bn in 2012.
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