AI infra firm Celestica slides on $3 bln share sale
CLS•Celestica shares fall after follow-on pricing
U.S.-listed shares of Canadian data center infrastructure provider Celestica CLS.N were down 14.3% to $310.80 premarket after a $3 billion follow-on was priced.
Celestica late Wednesday announced about 9.7 million shares at $310, a 14.5% discount to the last sale.
The company expects to use net offering proceeds for working capital, capex, and other general corporate purposes.
BofA and Citigroup are joint lead bookrunners, along with TD Securities.
Celestica has about 114.98 million shares outstanding.
Through Wednesday, U.S.-listed shares had gained 23% year to date.
Eighteen of 20 analysts rate the shares "strong buy" or "buy" and two rate them "hold"; the median price target of $455 implies 25% upside to the last close, according to LSEG data.
