Alliance Laundry Prices Upsized 22.55M Share Secondary at $23.50
ALH sits 29% above its 52-week low of $18.64 on elevated volume (4.8× avg).
Summary
BDT Capital Partners priced its secondary offering of 22.55 million shares at $23.50, a 2.5% discount to the last close. The deal was upsized from the originally announced 20.5 million shares, and the underwriters' option grew to 3.38 million shares. Alliance Laundry will repurchase 3.3 million shares from the underwriters at the offering price, retiring them, subject to completion of the offering. The company receives no proceeds from the sale. This follows the S-1 filed August 17 and the S-1MEF filed earlier today registering the additional shares. The pricing and upsizing confirm strong demand for the block, but the discount and large overhang may pressure the stock near term.
At the time of this announcement, ALH was trading at $24.10 on NYSE in the Industrial Applications And Services sector, with a market capitalization of approximately $4.8B. The 52-week trading range was $18.64 to $28.23. This news item was assessed with neutral market sentiment and an importance score of 8 out of 10. Source: BusinessWire.