Kodiak Gas Services lifts after EQT's share sale priced

Kodiak Gas Services

10/09/2024 12:23

** Shares of Kodiak Gas Services  KGS.N  up 3.1% at $26
premarket after secondary offering priced
    ** Woodlands, Texas-based oilfield services firm late Mon
announced ~6.1 mln shares sold by Swedish private equity firm
EQT AB  EQTAB.ST  at $25
    ** Co also to buy ~$25 mln worth of stock (or 1 mln shares)
from EQT in concurrent private transaction
    ** Both transactions reduce EQT's holdings to ~51.9 mln
shares, or ~62% stake, per the SEC filing
    ** Prior to offering, KGS had ~84.51 mln shares outstanding
    ** KGS shares on Mon closed down 5.3% at $25.23. YTD, stock
up ~26% and well above Jun 2023 IPO price of $16
    ** Barclays, Goldman Sachs and JP Morgan leading the
secondary offering

 (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))