Primo Brands shares drop as sponsor to slash stake

Primo Brands

10/03/2025 14:31

Updates stock activity, adds offering information

    **  Shares of Primo Brands Corp PRMB.N down 4.8% to $30.10 early Mon after secondary offering news

    ** Bottled water co says 45 mln shares to be offloaded by One Rock Capital Partners

    ** Co intends to repurchase 4 mln shares of the offering from the underwriters

    ** M
    organ Stanley and BofA are joint lead bookrunners

    ** Offering would cut alternative 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 co formed after Primo Water and BlueTriton Brands completed merger in Nov

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

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

    ** PRMB shares fell every session last week losing ~6%. With move on Mon, stock still up >30% over the past six months and up nearly 90% over the past year

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

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