Surgery Partners drops as Bain cuts stake in secondary offering

Bain Capital Specialty Finance

15/12/2023 14:00

** Shares of Surgery Partners  SGRY.O  down 5.3% at $33.50
premarket on secondary offering
    ** Surgical facilities operator late Thurs announced 8 mln
shares to be sold by existing holders with Jefferies as sole
underwriter
    ** Bain Capital selling ~7.8 mln shares, cutting its stake
from 46% to 40%, or ~50.4 mln shares, while co's board chair and
CEO offloading the balance, per the SEC filing
    ** Prior to offering, SGRY shares surged 43% since co on Nov
7 posted Q3 beat of $674 mln in rev and adj EPS of 19 cents
    ** YTD, stock up 27% through Thurs
    ** Avg rating among 10 analysts covering SGRY is "buy" and
their median PT is $43.50, per LSEG

 (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))