Primo Brands slips as top shareholder looks to cut stake in secondary offering - PRMB News | RalliesPrimo Brands slips as top shareholder looks to cut stake in secondary offering
P
PRMB• Primo Brands falls after secondary offering announcement
- Packaged water company Primo Brands' PRMB.N shares fall 5.2% to $24 premarket
- PRMB unveils secondary offering of 20 million shares by private equity firm One Rock Capital Partners
- Stock closed up 8.7% at $25.32 on Wednesday as robust retail sales drove Q2 beat
- One Rock is PRMB's top shareholder with a 32% stake, per LSEG data
- PRMB has 362.9 million outstanding shares
- Morgan Stanley is serving as underwriter for offering
- PRMB has entered stock purchase agreement with One Rock to buy $10 million of shares in a private transaction
- 10 of 12 brokerages rate the stock "buy" or higher and 2 "hold"; median PT $30 - data compiled by LSEG
- As of last close, PRMB up 54.9% YTD
