Coty prices shares for IPO

French cosmetics company Coty said Tuesday it would try to sell 57.1 million shares at its initial public offering and raise as much as $1 billion. The company priced its shares at $16.50 to $18.50, The New York Times reported Tuesday. That would put the value of the company at about $6.7 billion. Coty, which is endorsed by big name celebrities, such as Beyonce and Jennifer Lopez, tried to go public in 2012, but market fluctuations prompted it to pull back. In the final two quarters of 2012 and the first quarter of 2013, profits at Coty soared to $258.1 million, up more than four times the earnings from the same period a year earlier. Revenue over the same period increased only slightly, the Times said.