First Advantage falls after background check firm prices share offering

First Advantage

11/11/2021 18:07

** First Advantage  FA.O  shares down 2.9% at $19.96,
falling for third straight session, after co prices secondary
offering
    ** Late Weds, FA announced 15 mln shares sold by holders
including PE firm Silver Lake at $20, 2.7% discount to stock's
last sale  urn:newsml:reuters.com:*:nGNXb6PFNY
    ** Silver Lake sells ~13.7 mln shares, taking its stake to
~61%, while human resources software firm Workday  WDAY.O  trims
its ownership to ~4%, per filing https://www.sec.gov/ix?doc=/Archives/edgar/data/1210677/000119312521323061/d205095ds1.htm#rom205095_17
    ** FA has ~152.88 mln shares outstanding
    ** Barclays and BofA lead bookrunners for offering
    ** On Mon, FA's shares rose 9.3% after co posted Q3 beat and
boosted FY guidance above consensus, per Refinitiv data
 urn:newsml:reuters.com:*:nGNX1zyL9s
    ** FA went public in Jun after IPO of 25.5 mln shares priced
at $15
    ** All 7 analysts covering FA recommend buying the stock and
their median PT is $27 - Refinitiv

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))