BUZZ-SOLV Energy slides as PE sponsor to sell shares
Jpmorgan Chase JPM | 0.00 | |
Jefferies Financial JEF | 0.00 | |
SOLV Energy MWH | 0.00 |
** Solar and battery storage firm SOLV Energy MWH.O shares down 6.3% post-market to $37 after announcing equity offering just three months after going public
** San Diego, California-based firm kicks off 14 mln share offering
** Private equity sponsor American Securities aims to sell ~7.2 mln shares and SOLV to offer ~6.8 mln
** SOLV to use net offering proceeds it collects to purchase shares from existing holders, including affiliates of American Securities, certain directors and exec officers
** Post-offering, American Securities will beneficially own 68.1% of total shares outstanding and 68.1% voting power in SOLV, per the prospectus
** Co, which has ~202.4 mln shares outstanding, debuted 20% above the $25 IPO price on Feb 11 for $6 bln valuation
** Jefferies and JP Morgan joint lead bookrunners for the latest offering
** MWH shares finished up 2.7% at $39.48 on Tues
** 10 of 11 analysts rate the stock "strong buy" or "buy", 1 "hold"; median PT $50, per LSEG
