Sotera Health jumps after PE sponsors cut stakes

Sotera Health

05/09/2024 17:25

** Sotera Health's  SHC.O  shares jump to over 6-mth high on
Thurs after co announced secondary offering
    ** SHC rises as much as 7.5% to $16.56. Stock last up 5.3%
at $16.23, highest since Feb 28
    ** Sterilization and lab equipment testing services firm
late Weds said private equity firms Warburg Pincus and GTCR to
offload 25 mln shares
    ** Prior to offering, Warburg owned 88.8 mln shares, or
~31.4% stake, and GTCR held 59.2 mln shares, or 20.9% of co's
~283.2 mln shares outstanding
    ** Citigroup sole underwriter for offering
    ** Exactly a month ago, SHC closed up 7.6% at $14.22 after
co said Q2 rev grew 8% yr/yr to $277 mln and posted adj EPS of
19 cents, both topping LSEG estimates
    ** With move on Thurs, SHC down nearly 4% YTD
    ** Avg rating among 8 analysts covering SHC is "buy" and
median PT is $17

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))