Legence slides after Blackstone slices stake in upsized secondary offering

Legence

12/12/2025 16:46

** Engineering and maintenance services provider Legence's LGN.O shares slide 8.1% to $42.08

** LGN late Thursday announced pricing of upsized secondary offering of 8.4 million shares by alternative asset manager Blackstone BX.N at $45 apiece

** Offering boosted from initial size of 7 million shares and priced at 1.7% discount to last close

** Stock slipped 6.6% on Wednesday after LGN unveiled the stock offering

** Goldman Sachs and Jefferies were joint lead book-running managers for offering

** Blackstone-backed LGN went public in New York in September after $728 million IPO

** 12 of 13 brokerages rate the stock "buy" or higher and one "hold"; median PT $46 - data compiled by LSEG

** As of last close, LGN up 63.6% since September debut

 (Reporting by Arasu Kannagi Basil in Bengaluru)

 ((ArasuKannagi.Basil@thomsonreuters.com;))