Coty Is Said to Have Picked Underwriters for I.P.O. Two days after withdrawing its $10.7 billion bid for Avon Products, Coty appears to be moving quickly with a Plan B. The cosmetics products company has selected Bank of America Merrill Lynch and JPMorgan Chase as the lead underwriters for an initial public offering, people briefed on the matter said on Wednesday. The offering could value Coty at as much as $7 billion to $8 billion, and could raise as much as $1 billion in proceeds, one of these people said. A prospectus could be filed within weeks, meaning that the I.P.O. would be on track to price in the fall. A representative for Coty wasn't immediately available for comment. The picking of underwriters is a quick turnaround for Coty, which had withdrawn its bid for Avon on Monday evening after the takeover target asked for more time to consider the unsolicited offer. Coty had set Monday as a deadline for Avon to begin deal negotiations or to decline, and felt that constructive talks weren't in the offing. The cosmetics maker, which is owned by the German conglomerate Joh. A. Benckiser, had been considering going public before it began secret negotiations with Avon late last year, people briefed on the talks had said. Under one plan that was discussed, Avon would have purchased its smaller rival using mostly stock, effectively taking Coty public. But after those discussions cooled, Coty grew frustrated, and then offered to become the acquirer. Last month, it made its plans public, setting up a duel between the two cosmetics companies that lasted weeks. Behind the bid was Coty's desire to become an even bigger player in its industry. Founded in 1904 by a perfume maker, Coty has grown into a purveyor of fragrances and high-end nail polishes, with licenses from Beyoncé and Marc Jacobs. A deal with Avon would have given Coty a foothold in makeup items like eye shadow and body products. Beyond going public, Coty is also likely to pursue smaller acquisitions that broaden its product portfolio - none likely as big as Avon. News of the underwriters" selection was reported earlier by CNBC.