Drone maker AEVEX tumbles as PE backer looks to cut stake
BUZZ-Drone maker AEVEX tumbles as PE backer looks to cut stake ** Drone maker AEVEX's AVEX.N shares down 9.2% post-market to $35.05 after announcing equity offering following Apr debut
** Co backed by private equity firm Madison Dearborn Partners commences 8 mln share offering
** AVEX to offer ~5.73 mln shares, selling shareholders to offload ~2.27 mln shares
** Co intends to use net proceeds it receives to purchase shares from members of ATS Investment Holdings, including entities controlled by principal stockholder Madison Dearborn, per the prospectus
** Goldman Sachs, BofA and Jefferies joint lead bookrunners for proposed offering
** Solana Beach, California-based AVEX, which has ~114 mln shares outstanding, went public on Apr 17 after selling 16 mln shares in IPO priced at $20
** AVEX shares closed up 0.4% at $38.61 on Mon
** All 8 analysts are bullish including 3 "strong buy" ratings; median PT $35, per LSEG
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))
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