Alight dips on pricing upsized 46 mln share secondary offering

Alight

02/03/2023 12:10

** Alight Inc's  ALIT.N  shares down 1% at $9.25 premarket
after human resources benefits platform's secondary offering
prices
    ** Co late Weds announced sale of 46 mln shares, up from 40
mln shares, by Blackstone  BX.N , Singapore's Jasmine Ventures,
New Mountain Capital and Abu Dhabi's Platinum Falcon  urn:newsml:reuters.com:*:nBwFnrJsa
    ** Offering price of $9 is 3.6% discount to last sale
    ** In addition, Alight to repurchase $10 mln worth of shares
from the selling shareholders
    ** Blackstone, which has current 9.5% ALIT stake, was
looking to offload over 21 mln shares, per the prospectus filing
    ** JP Morgan and BofA jt bookrunners for offering, joined by
Blackstone Securities Partners as co-mgr
    ** ALIT shares have fallen for past 5 sessions, cutting YTD
gain to ~12%
    ** All 6 analysts covering ALIT are bullish with $14 median
PT, per Refinitiv

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))