BUZZ-CCC Intelligent Solutions falls after PE sponsor Advent's stake sale priced
Shares of insurance software firm CCC Intelligent Solutions CCCS.O off 2% premarket to $10.22 after secondary offering priced
Chicago-based P&C firm late Thurs announced 42 mln shares offloaded by private equity firm Advent International
Co intends to repurchase 7 mln shares from the underwriters as part of the offering
BofA, Goldman, Jefferies and JP Morgan bookrunners
Prior to sale, Advent owned ~139.3 mln shares for ~21.2% stake, per LSEG
With ~656.8 mln shares outstanding, co has ~$6.9 bln market cap
Advent bought CCCS in 2017 before taking it public via 2021 SPAC merger with Dragoneer Growth Opportunities
Through Thurs, stock down ~11% compared to 4% decline in the Nasdaq Composite .IXIC
Avg rating among 13 analysts is "buy" and median PT is $14 - LSEG
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