Openlane skids on secondary offering by Apax Partners
BUZZ-Openlane skids on secondary offering by Apax Partners ** Digital used-car marketplace Openlane OPLN.N shares down 5.6% at $34.47 premarket on Weds after secondary offering priced
** Carmel, Indiana-based OPLN late Tues announced 8 mln shares offloaded by Apax Partners-advised fund, Ignition Acquisition Holdings
** Shares represent a portion of OPLN's previously issued convertible preferred stock held by Ignition that converted into common stock in May
** In addition, OPLN concurrently purchasing 727,590 of offering shares from underwriter BofA
** Prior to the transactions, UK private equity firm Apax is top OPLN holder with ~16.42 mln shares, about 13% of co's ~122.8 mln total shares outstanding, per LSEG
** OPLN stock finished down 2.1% at $36.50 on Tues, trimming YTD gain to ~23%
** Avg rating of 8 analysts is "buy"; median PT $45, per LSEG data
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))
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Openlane skids on secondary offering by Apax Partners
Brief: Openlane Announces Secondary Offering Of Common Stock, Including Concurrent Share Repurchase