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Secondary offering for Avantor
Posted on Thursday, 05 November 2020 12:44
Backers of Avantor are cashing in on some of their investment at a time when the US Fortune 500 company’s market price is up 63.3 per cent on this time last year.

New Mountain Capital, Goldman Sachs, Harvest Investment, PFA Pension Forsikringsaktieselskab and Centaurus Capital are among those selling a total of 71.34 million stocks.

The secondary offering and overallotment option for a further 7.13 million scrips had a market value of USD 1.86 billion on 3rd November, the last trading day prior to the announcement.

Avantor closed at USD 24.48 (3rd November: USD 23.71; 4th November 2019: USD 14.99) and a capitalisation of USD 14.16 billion yesterday.

The claims to be a leading global provider to customers in the biopharm, healthcare, education and government, and advanced technologies and applied material industries.

New Mountain acquired the Pennsylvanian manufacturer and distributor of chemicals, reagents, and laboratory supplies in 2010 from Covidien and took it public in May 2019.

Avantor booked net sales of USD 4.60 billion in the nine months ended 30th September 2020 (Q1-3 2019: USD 4.52 billion).

The group turned a net loss of USD 389.60 million into a profit of USD 16.60 million over the same timeframe.

Zephyr, the M&A database published by Bureau van Dijk, shows 83 secondary offerings have been announced globally in 2020 to date.

The largest of the year so far saw PNC Bancorp raising USD 13.28 billion by cashing in on its 20.5 per cent interest in BlackRock.

Based on the market value prior to the announcement and the exercise of the green shoe, the Avantor share sale would rank within the top ten largest secondary offerings of 2020 to date.

© Zephus Ltd