CCC Intelligent Solutions falls after PE sponsor Advent's stake sale priced

CCC Intelligent Solutions Holdings

28/02/2025 13:17

** Shares of insurance software firm CCC Intelligent Solutions CCCS.O off 2% premarket to $10.22 after secondary offering priced

** Chicago-based P&C firm late Thurs announced 42 mln shares offloaded by private equity firm Advent International

** Co intends to repurchase 7 mln shares from the underwriters as part of the offering

** BofA, Goldman, Jefferies and JP Morgan bookrunners

** Prior to sale, Advent owned ~139.3 mln shares for ~21.2% stake, per LSEG

** With ~656.8 mln shares outstanding, co has ~$6.9 bln market cap

** Advent bought CCCS in 2017 before taking it public via 2021 SPAC merger with Dragoneer Growth Opportunities

** Through Thurs, stock down ~11% compared to 4% decline in the Nasdaq Composite .IXIC

** Avg rating among 13 analysts is "buy" and median PT is $14 - LSEG

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))