Kodiak Gas Services falls after top shareholder EQT AB cuts stake again

Kodiak Gas Services

12/12/2024 16:54

(Updates)
    ** Shares of gas compression firm Kodiak Gas Services  KGS.N  fall as much as 5.7%; last
down 3.9% at $41.84
    ** Swedish private equity firm EQT AB  EQTAB.ST  sold 5.5 mln KGS shares in a secondary
offering at $42.35 for gross proceeds of ~$232.9 mln
        ** Offering priced at a 2.7% discount to stock's last close
  
    ** Goldman Sachs and J.P. Morgan were the underwriters for the offering     
    ** Top shareholder EQT AB last month also offloaded ~5.7 mln KGS shares in an upsized
secondary offering at $34.50   
    ** Prior to offering, EQT had a roughly 50% stake in KGS — LSEG
    ** KGS has 87.6 mln outstanding shares and $3.81 bln market capitalization as of last close
    ** Up to last close, KGS shares have more than doubled YTD


 (Reporting by Arasu Kannagi Basil in Bengaluru)
 ((ArasuKannagi.Basil@thomsonreuters.com))