Con Edison edges down on $633 mln equity raise

Consolidated Edison's ED.N shares down 1.3% to $101 before the bell after it raises equity

New York utility late Tues said it agreed to sell 6.3 mln shares to Barclays as underwriter in public offering

Offering priced at $100.50, thefly.com reports, which equates to deal size of $633.2 mln

ED shares on Tues closed at $102.15 amid broader market sell-off

Co plans to use net offering proceeds to fund capex, other general purposes

With 346.77 mln shares outstanding as of Feb 28, per the SEC prospectus filing, co has ~$35.4 bln market cap

In Dec, co secured nearly $680 mln of equity in 7 mln share offering structured as 1-year forward sale with JP Morgan JPM.N as sole bookrunner

Through Tues, ED shares up 14.5% YTD and well outperforming 2.5% gain in S&P 500 Utilities sector .SPLRCU

S&P 500 .SPX is down 1.8% to begin 2025