COSMETICS

IPO Sought for Revlon: Financier Ronald Perelman filed to take Revlon Inc. public in an initial stock sale that values the world’s second-largest cosmetics company at $1 billion. Perelman bought Revlon in a $1.8-billion hostile raid in 1985. In 1992, he was forced to scuttle a stock sale, even after slashing it 61%, because the company reported lower-than-expected financial results. Revlon filed an updated offering circular with the Securities and Exchange Commission to sell 7.5 million shares, or 15% of the New York-based company, at $19 to $22 each, or about $150 million. As in 1992, investors could be turned off by the $1.47 billion in debt at Revlon’s main subsidiary and Perelman’s mixed record for shareholders at his other public companies.