Posted by: youngragingbull | June 13, 2013

Coty drops in first day of trading

Shares of beauty products maker Coty dropped in their first day of trading on the New York Stock Exchange.

The company, known for its celebrity fragrances, fell 14 cents to close at $17.36 Thursday after falling as low as $16.90 earlier.

Coty Inc.’s initial public offering of about 57.1 million shares raised nearly $1 billion for some of its stockholders.

The offering priced at $17.50, the midpoint of its projected range of $16.50 to $18.50 per share.

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