Primo Brands shares steady as sponsor to slash stake

Shares of Primo Brands Corp PRMB.N up 4 cents premarket to $31.65 after secondary offering news

Bottled water co says 45 mln shares to be offloaded by One Rock Capital Partners

Morgan Stanley and BofA jt are joint lead bookrunners for offering

Alternative investment manager One Rock reducing holdings by a fifth to ~173.6 mln shares, or 46.2% stake

PRMB has ~380.1 mln shares outstanding as of Feb 21 per the SEC prospectus filing, giving co $12 bln market cap

Tampa, Florida and Stamford, Connecticut dual-headquartered co formed after Primo Water and BlueTriton Brands completed merger in Nov

One Rock owned all of common stock of privately-held BlueTrition, formerly known as Nestle Waters North America, prior to the transaction

Nestle NESN.S sold some its water brands to One Rock in 2021

PRMB shares fell every session last week losing ~6%. But stock up ~40% over the past six months and has roughly doubled over the past year