Fragrance maker Coty Inc., fresh off its failed effort to acquire Avon Products Inc., on Friday, June 29, filed with regulators to raise up to $700 million in an initial public offering.

New York-based Coty said that the offering will consist entirely of shares held by existing investors. The company is 80.5% owned by German family holding company Joh. A. Benckiser GmbH, with entities affiliated with Warren Buffett's Berkshire Hathaway Inc. and private equity firm Rhone Group LLC each owning 7.5%.

The IPO filing, which had been expected, comes only weeks after Coty backed away from its effort to acquire Avon. Coty went public with its unsolicited $10 billion offer on April 2, and weeks later returned with a sweetened $10.7 billion bid.

Avon, also of New York, eventually said it would consider the offer and respond within a week, but Coty countered that delay was unnecessary and pulled the offer in favor of pursuing other opportunities.

A public offering, which has long been expected from Coty, could give the company additional firepower to pursue a deal. Coty reported operating income of $280.9 million on sales of $4.07 billion in 2011, up from operating income of $184.5 million on $3.48 billion of revenue a year prior.

The company makes a range of beauty products including perfumes under the Calvin Klein, Chloe, Marc Jacobs, Sally Hanson and Adidas brands, among others.

While the IPO is sure to require considerable attention of Coty execs in the months to come, a source told The Daily Deal last month that the potential IPO would not necessarily preclude the company from doing a deal. The source called Coty a "big company that can do several things at once."

Bank of America Merrill Lynch, JPMorgan Securities LLC, Morgan Stanley, Barclays, Deutsche Bank Securities Inc. and Wells Fargo Securities LLC were listed as underwriters on the deal. Andrew L. Fabens of Gibson, Dunn & Crutcher LLP is providing legal advice to the company, working with general counsel Jules Kaufman, and Davis Polk & Wardwell LLP's Michael Kaplan is listed as underwriter's counsel.