QXO drops on $500 mln equity raise for Beacon Roofing deal

Shares of building-products distributor QXO QXO.N down 6.5% premarket at $13.34 after acquisition-related follow-on priced

Greenwich, Connecticut-based QXO late Weds sold ~37.7 mln shares at $13.25 for $500 mln gross proceeds with

Offering priced at 7.1% discount to last sale

QXO plans to use proceeds to help finance pending buy of Beacon Roofing Supply BECN.O, but said the offering not contingent on acquisition's consummation

Last month, Herndon, Virginia-based BECN agreed to the $11 bln buyout deal from billionaire Brad Jacobs' firm

QXO has ~409.4 mln shares outstanding for ~$5.8 bln market cap

Morgan Stanley and Goldman Sachs are jt bookrunners for the offering

Through Weds close, QXO's shares off 10% YTD

BECN's shares on Weds ended at $123.09, up 21% in 2025

Earlier this week, QXO extended its $124.35/sh all-cash offer for BECN to Apr 21