Coty has submitted an application for dual listing of its shares on the Paris Stock Exchange, the company said on Monday, as the CoverGirl cosmetics parent looks to tap into European investor interest.

The company said it was launching a global offering of 33 million shares and plans to use the proceeds to lower debt.

BNP Paribas, Crédit Agricole Corporate and Investment Bank, Citigroup and Santander were acting as the joint book-running managers for the listing.

In May, the cosmetics and fragrance maker, which was founded in Paris in 1904, said it would explore a dual listing in the French capital as it looks to expand in the European region that is home to many luxury companies, including LVMH and L’Oréal.

Coty last week increased its annual core sales forecast on the back of higher prices and strong demand, particularly for products in the high-end segment that houses makeup and perfume from brands such as Hugo Boss, Gucci and Burberry.

The company has gotten a boost from the post-pandemic boom for beauty products as customers splurge on smaller luxuries like fragrances and cosmetics, even as sticky inflation has dented spending on discretionary products globally.

In July, CEO Sue Nabi said Coty was exploring the Paris listing as the company believes there are a lot of investors in Europe willing to invest in the firm.

Coty makes about 45 percent of its annual net revenue from Europe, the Middle East and Africa.

By Deborah Sophia and Ananya Mariam Rajesh; Editors: Shailesh Kuber and Shounak Dasgupta

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Coty Moves Ahead With Paris Stock Listing Plans

The company has brought on BNP Paribas and Citigroup to work on the deal and is considering raising fresh capital from the listing.