TPG and Summit Partners Price 22.25M Share Secondary at $12.29; LifeStance to Repurchase 2M Shares
LFST has more than doubled off its 52-week low of $4.77 on elevated volume (3.1× avg).
Summary
LifeStance's largest institutional investors, TPG and Summit Partners, are selling 22.25 million shares at $12.29 per share in a secondary offering. The company will repurchase 2 million of those shares for approximately $24.6 million using cash on hand.
Key Events · Financing and Capital Events · LFST
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22.25M Share Secondary Offering Priced
TPG and Summit Partners are selling 22,250,000 shares to Barclays at $12.29 per share, generating approximately $273.5 million in proceeds before expenses. The public offering price for the 20.25 million shares not subject to the repurchase is $12.35.
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Company Repurchases 2M Shares
LifeStance will repurchase 2,000,000 shares from the underwriter at $12.29 per share (approximately $24.6 million), funded with cash on hand. The repurchase is contingent on the offering closing, but the offering is not conditioned on the repurchase.
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Institutional Ownership Declines
After the offering and repurchase, TPG's ownership falls from 25.7% to 21.0% (98.1M to 79.7M shares) and Summit Partners' from 5.4% to 4.4% (20.5M to 16.6M shares).
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75-Day Lock-Up Period
Directors, officers, and selling stockholders are subject to a 75-day lock-up period restricting additional sales of common stock.
Analysis · LFST · Industrial Applications And Services
This prospectus supplement finalizes the terms of the secondary offering first announced yesterday. TPG and Summit Partners are selling 22.25 million shares at $12.29 per share to Barclays, generating approximately $273.5 million in proceeds for the selling stockholders. The company receives no proceeds but will repurchase 2 million shares from the underwriter at the same $12.29 price, spending about $24.6 million of cash on hand. The public offering price for the remaining 20.25 million shares is $12.35, a modest premium to the underwriter's purchase price. The offering is not conditioned on the repurchase, but the repurchase is contingent on the offering closing. A 75-day lock-up applies to directors, officers, and selling stockholders. This is a continuation of the institutional distribution trend — TPG and Summit Partners have been reducing their stakes throughout 2026, and this offering reduces TPG's ownership from 25.7% to 21.0% and Summit's from 5.4% to 4.4%.
How filings like this one have moved
In the 30 days to Sep 10, 2026, 29.9% of the 1988 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.12%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, LFST was trading at $12.84 on NASDAQ in the Industrial Applications And Services sector, with a market capitalization of approximately $4.8B. The 52-week trading range was $4.77 to $13.15. This filing was assessed with negative market sentiment and an importance score of 7 out of 10.