Oilfield services co Innovex falls as top holder offloads shares

Innovex International

26/02/2026 12:17

** Shares of oilfield services firm Innovex International INVX.N down 6.9% before the bell to $27.24 after $148 mln secondary offering priced

** Houston, Texas-based INVX late Weds said 5.75 mln shares offloaded by affiliates of Amberjack Capital Partners at $25.75

** Offering price is 12% discount to stock's last close

** INVX to repurchase 575,000 of offering shares from the underwriters

** JP Morgan, Citigroup, Jefferies and Piper Sandler joint bookrunners

** Prior to the offering, private equity firm Amberjack owned ~29.37 mln shares, or ~43% of INVX's ~69.1 mln shares outstanding, per the prospectus

** Through Weds, stock up 34% YTD including 15% gain this week

** Co late Mon said Q4 rev grew 14% q/q to ~$274 mln, driven by higher-than-expected subsea product deliveries, rev from the DWS and Citadel acquisitions, and new product introductions

** 2 analysts rate the stock "buy", 1 rates "hold"; PTs are $20, $27 and $34, per LSEG data

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

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