Intapp drops as top investors trim stakes

Intapp

15/11/2023 16:49

** Intapp Inc's  INTA.O  shares down 4.7% at $38.88 on Weds
after cloud-based financial services co's secondary offering
    ** Singapore sovereign wealth fund Temasek and PE firm Great
Hill Partners sold 2.5 mln shares each with Citigroup as sole
underwriter, per the SEC prospecutus filing
    ** Sources say offering priced at $39.15, 4% discount to
stock's close on Tues
    ** Temasek remains #1 investor with ~24.6% stake (~17.1 mln
shares) while Great Hill's ownership goes to ~20% (~13.7 mln
shares)
    ** INTA's shares rose 11% on Nov 8 after co posted fiscal Q1
beat, citing addition of new logos and expansion of existing
client accounts, and forecast current qtr rev and adj EPS above
consensus, per LSEG
    ** Even with decline on the session, stock up ~56% YTD vs
Nasdaq's  .IXIC  35% advance
    ** All 10 analysts covering INTA are bullish and their
median PT is $46 - LSEG

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