Legence rises after Blackstone sells half its stake in upsized $723 mln offering

Legence

08/04/2026 17:08

** Shares of engineering co Legence LGN.O up 3% at $56.65 on Weds after approx $723 mln secondary offering priced

** San Jose, California-based firm late Tues announced alternative asset manager Blackstone BX.N parted with ~13.4 mln shares

** Offering price of $54 represents 8% discount to stock's last close just prior to LGN's launch of 11 mln share offering early Mon

** Sale takes Blackstone's holdings from ~25.3 mln shares to ~12 mln shares, or 11% of LGN

** Goldman Sachs, Jefferies and BofA joint lead bookrunners for offering

** LGN's stock now up ~32% YTD and has doubled from its Sept IPO

** Avg rating of 15 analysts is "buy" and median PT is $62, according to LSEG data

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

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