Sept 28 Reuters 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 CoverGirl cosmetics maker, which said in May that it would explore a dual listing in Paris, launched its global offering on Sept. 25.

The company39;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.

Last week, Coty raised its annual core sales forecast as consumers continued to spend on its higherpriced beauty and skincare products ranging from Hugo Boss and Burberry, despite persistent inflation.

Reporting by Juveria Tabassum; Editing by Varun H K

Source Reuters