Innovex slides as PE backer carves stake in oilfield equipment firm
BUZZ-Innovex slides as PE backer carves stake in oilfield equipment firm ** Shares of oilfield equipment provider Innovex International INVX.N down 7.3% at $28.45 premarket on Fri after secondary offering priced
** Houston, Texas-based INVX late Thurs announced affiliates of Amberjack Capital Partners offloaded 5 mln shares
** Sale takes private equity firm Amberjack's holdings to ~17.76 mln shares; INVX has ~69.94 mln shares outstanding, per the prospectus
** Barclays sole underwriter for offering
** INVX late Mon posted Q2 rev and adj EBITDA beat, per LSEG data, citing improving activity in key international markets, including Latin America, Middle East and Asia Pacific
** Through Thurs, INVX shares surged 40% YTD
** 4 of 5 analysts rate the stock "strong buy" or "buy", 1 "hold"; median PT $35
(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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Innovex slides as PE backer carves stake in oilfield equipment firm
Brief: Innovex International Announces Pricing Of Underwritten Offering Of 5 Mln Shares Of Common Stock By Selling Stockholders
Oilfield equipment co Innovex drops after unveiling secondary offering