BUZZ-Innovex slides as PE backer carves stake in oilfield equipment firm
INVX•Shares fall after secondary offering pricing
Shares of oilfield equipment provider Innovex International (INVX.N) were down 7.3% at $28.45 in premarket trading on Friday after the secondary offering was priced.
Houston, Texas-based Innovex late Thursday announced that affiliates of Amberjack Capital Partners offloaded 5 million shares.
Amberjack trims holdings as Innovex reports recent results
The sale takes private equity firm Amberjack's holdings to about 17.76 million shares. Innovex has about 69.94 million shares outstanding, according to the prospectus.
Barclays was the sole underwriter for the offering.
Innovex late Monday posted second-quarter revenue and adjusted EBITDA that beat expectations, according to LSEG data, citing improving activity in key international markets, including Latin America, the Middle East and Asia Pacific.
Through Thursday, Innovex shares had surged 40% year to date. Four of five analysts rate the stock "strong buy" or "buy" and one rates it "hold," with a median price target of $35.
