Gates Announces Secondary Offering Of 15M Ordinary Shares
Portfolio Pulse from Happy Mohamed
Gates Industrial Corporation (GTES) announced that certain stockholders affiliated with Blackstone Inc. have commenced a secondary offering of 15 million of Gates' ordinary shares. The stockholders also intend to grant underwriters a 30-day option to purchase up to 2.25 million additional ordinary shares. Gates is not offering any shares in this offering and will not receive any proceeds from the sale. Citigroup and Goldman Sachs & Co. LLC are serving as the joint lead book-running managers of the offering.
August 08, 2023 | 10:13 pm
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NEUTRAL IMPACT
Gates Industrial Corporation's stockholders are offering 15 million shares in a secondary offering. The company itself is not offering any shares and will not benefit from the sale.
The secondary offering of Gates' shares could increase the supply of shares in the market, potentially putting downward pressure on the stock price. However, as the company is not offering any shares and will not receive any proceeds, the direct impact on the company's financials is neutral.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100