Kodiak Gas Services down after EQT's stake sale

Kodiak Gas Services

15/11/2024 12:29

** Shares of Kodiak Gas Services  KGS.N  down 1.8% premarket to
$35.16 after overnight secondary offering priced
** Woodlands, Texas-based gas compression firm announced ~5.7
mln shares sold by Swedish private equity firm EQT AB  EQTAB.ST 
at $34.50
    ** Offering size boosted from ~4.9 mln shares, priced at
3.6% discount to last sale
    ** In addition, co to buy $15 mln worth of stock, or 434,783
shares, from EQT in concurrent private transaction
** As a result, EQT's holdings reduced ~44.9 mln shares, or ~51%
stake (click here for SEC prospectus filing)
    ** Prior to offering, KGS had ~87.6 mln shares outstanding
for $3 bln market cap
    ** Barclays, Goldman Sachs and JP Morgan jt bookrunners for
offering
** Through Thurs close, KGS shares up 78% YTD and have more than
doubled from Jun 2023 IPO price of $16

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