Primo Brands rises after $1.3 bln secondary offering priced

Primo Brands

11/03/2025 12:36

**  Primo Brands Corp's PRMB.N shares up 1% to $30.20 before the bell after pricing of secondary offering

    ** Shares looking to snap six-session losing streak

    ** Poland Spring bottled water owner late Mon announced 45 mln shares sold by its sponsor One Rock Capital Partners at $29.50

    ** Offering size equates to $1.3 bln and priced at 1.3% discount to stock's last sale

    ** Co to repurchase 4 mln of offering's shares from underwriting group led by
    M
    organ Stanley and BofA

    ** Transactions cut investment manager One Rock's holdings by a fifth to ~173.6 mln shares, or 46.2% stake

    ** PRMB has ~380.1 mln shares outstanding as of Feb 21 per the SEC prospectus filing, giving co current market cap of ~$11.4 bln

    ** Tampa, Florida and Stamford, Connecticut dual-headquartered firm formed after Primo Water and BlueTriton Brands completed merger in Nov

    ** One Rock owned all of common stock of privately-held BlueTriton, formerly known as Nestle Waters North America, prior to the deal

    ** Nestle NESN.S sold some its water brands to One Rock in 2021

    ** Through Mon, PRMB shares down ~3% YTD. Stock closed at $16.03 a year ago

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

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