Legence slips as Blackstone looks to pare stake in secondary offering

Legence

06/04/2026 12:41

** Engineering firm Legence's LGN.O shares slip 4% to $56.25 premarket

** Co says alternative asset manager Blackstone BX.N to sell 11 million LGN shares

** BX had previously offloaded 8.4 million LGN shares in an upsized secondary offering in December

** Blackstone-backed LGN went public in New York in September, raising $728 million through its IPO

** LGN has 108 million outstanding shares, according to offeringprospectus

** Goldman Sachs, Jefferies and BofA Securities acting as joint lead book-running managers for offering

** 15 of 16 brokerages rate the stock "buy" or higher and 1 "hold"; median PT is $62.50 - data compiled by LSEG

** As of last close, LGN stock up 36.3% YTD

(Reporting by Arasu Kannagi Basil in Bengaluru)

((ArasuKannagi.Basil@thomsonreuters.com))