Coty said it would price its global offering of 33 million shares at $10.80 per share, and the stock is expected to start trading on the Paris Stock Exchange at 9.30 a.m. Eastern Time on Thursday.
The company's U.S.-listed shares have fallen about 7% since the launch, but were up marginally in premarket trade on Thursday.
The beauty company, which earns 45% of its annual net revenue from Europe, Middle East and Africa, said it plans to use the proceeds from the offering to lower the principal amount of its debt.its annual core sales forecast as consumers continued to spend on its higher-priced beauty and skincare products ranging from Hugo Boss and Burberry, despite persistent inflation.
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