Zurn Elkay Water Solutions falls as #1 holder cuts stake in stock offering

Zurn Elkay Water Solutions

12/02/2025 13:40

** Shares of Zurn Elkay Water Solutions  ZWS.N  down 4.3% before
the bell at $35.30, threatening to fall for fourth straight
session, after secondary offering priced
** Milwaukee, Wisconsin water management services co late Tues
announced 7.75 mln shares sold by Ice Mountain at $35, 5.1%
discount to last sale
    ** Co agreed to repurchase ~1.6 mln shares, approx $55 mln
worth, from the underwriters
** Bottled water firm Ice Mountain's stake goes from 14.1% to
9.6%, or ~16.2 mln shares, per the SEC prospectus filing
    ** According to LSEG, Ice Mountain was the #1 holder prior
to the offering. Next largest shareholders were BlackRock (~21
mln shares), Vanguard (~15.5 mln), and Kayne Anderson (~13.5
mln)
    ** ZMS has ~170 mln shares outstanding for ~$6.3 bln market
cap
    ** Evercore and Baird jt bookrunners for offering
    ** Through Tues close, ZWS shares down 1% to start 2025
following 27% gain in 2024
    ** Avg rating among 8 covering analysts is "buy" with $42
median PT - LSEG
     

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