Blackstone Affiliates Sell 15.4M Legence Shares in Closed Upsized Secondary Offering
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Legence Corp. announced the closing of its upsized secondary public offering, with selling stockholders affiliated with Blackstone Inc. selling 15,394,112 shares of Class A common stock at $54.00 per share. This total includes the full exercise of the underwriters' option to purchase an additional 2,007,927 shares. Legence did not sell any shares in the offering and received no proceeds. This closing confirms the final execution of the significant secondary offering, following the S-1 filing, S-1MEF, and pricing announcement earlier this week. While the initial pricing and upsizing were the primary market-moving events, the confirmation of the full exercise of the option and the final closing removes any lingering uncertainty regarding the total shares distributed by a major institutional holder. Traders will now monitor the stock's performance as this large block of shares has been fully absorbed by the market.
At the time of this announcement, LGN was trading at $59.75 on NASDAQ in the Industrial Applications And Services sector, with a market capitalization of approximately $6.5B. The 52-week trading range was $26.96 to $60.60. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: GlobeNewswire.