QXO Inc., the building materials supplier headed by billionaire Brad Jacobs, aims to raise approximately $2 billion through a stock offering as part of their strategy to pursue an acquisition.
The Greenwich, Connecticut-based company has priced its shares at $22.25 each following their marketing range of $22.25 to $23.25 in an overnight offering, as stated in a corporate announcement.
QXO plans to utilize funds raised from the offering for potential expenditures such as financing upcoming acquisitions, according to the statement.
The cost reflects a reduction of 5.4% from Tuesday's closing price at $23.51. The firm is proposing to issue 89.9 million shares. On Wednesday during early morning trade, the share value dropped by up to 8.1%, reaching $21.61.
So far this year, the stock has surged almost 48%, which has boosted the company’s market capitalization to $13.4 billion.
QXO proposed an unexpected $5 billion bid for GMS Inc. and stated it would not raise The proposal came following a report in The Wall Street Journal that Home Depot Inc. had submitted a competing offer.
The firm is collaborating with Goldman Sachs Group Inc., Morgan Stanley, and Wells Fargo & Co. on the offering, according to the statement.
--Assisted by Subrat Patnaik.
(Updated content including premarket trading details in the fourth paragraph.)
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