Coty Inc., maker of perfumes endorsed by Beyoncé and Heidi Klum, dropped in New York trading after raising about $1 billion on behalf of existing holders in an initial public offering Wednesday.
The stock fell less than 1 percent to $17.36 as of 4:02 p.m. EDT. Coty’s owners, including the billionaire Reimann family, sold 57.1 million shares for $17.50 each, after offering them for $16.50 to $18.50 apiece.
The Reimanns maintained control over the company by allowing themselves 10 votes per share, compared with one vote for new shareholders. Coty is seeking to increase sales from developing markets and add skin-care products to its offering. The stock is listed on the New York Stock Exchange under the symbol COTY.