BUZZ-SOLV Energy slides as PE sponsor to sell shares

Jpmorgan Chase
Jefferies Financial
SOLV Energy

Jpmorgan Chase

JPM

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Jefferies Financial

JEF

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SOLV Energy

MWH

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** 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