Grid Dynamics falls on equity raise

Grid Dynamics Holdings

13/11/2024 13:26

** Shares of Grid Dynamics  GDYN.O  down 8% before the bell to
$17.60 after IT services co raises equity
** San Ramon, California-based firm late Tues announced pricing
offering of 5.75 mln shares at $17.25
    ** Offering size increased from 5 mln shares, priced at 9.8%
discount to last sale
    ** Co intends to use expected net proceeds of $93.4 mln for
working capital, capex and other purposes including acquisitions
    ** JP Morgan, William Blair and TD Cowen jt bookrunners for
offering
    ** GDYN has ~76.8 mln shares outstanding for about $1.5 bln
market cap
** On Oct 31, co reported Q3 rev rose ~13% y/y to $87.4 mln
driven by its retail and TMT (technology, media and telecom)
verticals
    ** Through Tues close, stock up 43% YTD including 20% gain
this month

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