Coty Raises About $1 Billion in Its Public Debut

After trying once before, the cosmetics maker Coty is set to finally become a public company.

The company, whose products include Sally Hansen nail polish and perfumes endorsed by Beyoncé and Katy Perry, priced its initial public offering at $17.50 a share on Wednesday, in the middle of its expected range of $16.50 to $18.50.

The stock sale values the company at about $6.7 billion.

The offering, which raised just less than $1 billion in proceeds, is one of the three biggest initial offerings in the United States this year, according to data from Renaissance Capital.

With Wednesday’s sale, Coty completed an effort it began several years ago with a few detours along the way. Among them was the company’s aborted takeover bid last year for a larger rival, Avon Products.

Coty’s selling shareholders sought to take advantage of a burgeoning market for stock offerings amid a healthy rise in equity market valuations this year.

The company’s owners are also betting on a revival of consumer confidence, with customers increasing their purchases of higher-ticket perfumes and nail polishes. According to a Euromonitor survey cited in Coty’s prospectus, the company’s main sectors are expected to grow 3 percent to 4 percent a year through 2016.

Coty reported $258.1 million in net income for the nine months ended March 31, up more than fourfold compared with results in the period a year earlier, though its revenue was roughly flat at $3.59 billion.

Founded by a French perfumer 108 years ago, Coty has become a significant player in the global cosmetics market. It already has a strong hold in the perfume market, especially in the realm of licensed fragrances from the likes of Calvin Klein, Marc Jacobs and Chloé.

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