Primo Brands shares drop as sponsor to slash stake

Shares of Primo Brands Corp PRMB.N down 4.8% to $30.10 early Mon after secondary offering news

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

Co intends to repurchase 4 mln shares of the offering from the underwriters

M organ Stanley and BofA are joint lead bookrunners

Offering would cut alternative investment manager One Rock's 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 current market cap of ~$11.4 bln

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%. With move on Mon, stock still up >30% over the past six months and up nearly 90% over the past year