Coty falls in 1st day of trading as a public co.

Thursday, June 13th, 2013 | Finance News

NEW YORK (AP) — Shares of beauty products company Coty dipped slightly in their first day of trading on the New York Stock Exchange.

The company, known for its celebrity fragrances and OPI nail polish, fell 13 cents to $17.37.

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 the midpoint of its projected range of $16.50 to $18.50 per share.

Coty won't receive any proceeds from the offering.

The New York company originally filed for an IPO last year, but didn't proceed with it. Also in 2012, Coty dropped a $10.7 billion bid for Avon Products Inc. after the makeup company did not accept.

The stock is trading under the "COTY" ticker symbol.