Advent Software Secondary Stock Offering Priced
A sizable chunk of Advent Software common stock is about to hit the market. The company announced that "persons and entities associated with" major stakeholder SPO Advisory will sell just over 7.26 million shares of the firm in an underwritten secondary offering. The price is $27.00 per share. Additionally, the issue's underwriters have been granted an option to purchase up to nearly 1.09 million additional shares.
Advent itself will be a buyer of some of that stock. The company said it intends to acquire 1.6 million shares in the offering, at a price equal to that being paid by the underwriters to the sellers.
In the press release announcing the news, Advent stressed that it will receive no proceeds in the sale, as it is not the selling party.
The issue's joint book-running managers are Bank of America's Merrill Lynch and JPMorgan Chase unit J.P. Morgan Securities.
At the moment, Advent has slightly over 52.2 million shares outstanding, and its stock most recently closed at $27.77 per share.
The article Advent Software Secondary Stock Offering Priced originally appeared on Fool.com.
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