Loar Holdings falls after pricing upsized stock offering

Loar Holdings

11/12/2024 15:15

** Shares of aerospace parts manufacturer Loar Holdings
 LOAR.N  fall as much as 3.8%; last down 1.7% at $86.21
    ** LOAR late Tuesday priced its upsized public offering of
about 5.8 mln shares at $85/shr
    ** Co sold roughly 3.9 mln shares in the offering while
certain stockholders parted ways with about 1.9 mln shares
    ** Offering boosted from initial size of roughly 4.8 mln
shares, priced at a 3% discount to stock's last close
    ** LOAR will use the proceeds to repay debt and for general
corporate purposes   
    ** Co had 89.7 mln outstanding shares as of Sept. 30,
according to a SEC filing, giving it a $7.73 bln market
capitalization as of last close 
    ** Jefferies and Morgan Stanley were the lead book runners
for the offering     
    ** LOAR went public in New York in April after raising $308
mln in its IPO at $28 offer price
    ** As of last close, LOAR shares have more than tripled
since debut on April 25


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