Primo Brands shares rise after sponsor's $1.5 bln stake sale

Shares of bottled water firm Primo Brands PRMB.N up 1.9% early Fri to $32.95 after secondary offering

Poland Spring owner late Thurs said two holders affiliated with One Rock Capital Partners selling 47.5 mln shares

Offering priced at $32.20, thefly.com reports, which is a razor thin discount to stock's last close of $32.32

In addition, co said it would repurchase $100 mln worth of shares (roughly 3 mln shares) from One Rock in private transaction

Investment manager One Rock's stake reduced from 44.3% to 31.2%, or ~116.3 mln shares, per the SEC prospectus filing

PRMB has ~380.1 mln shares outstanding for about $13 bln market cap

BofA and Morgan Stanley are underwriters for the public offering

Primo formed in Nov after Primo Water and BlueTriton Brands completed merger

One Rock had owned all of common stock of privately-held BlueTrition, formerly known as Nestle Waters North America. Nestle NESN.S in 2021 sold some its water brands to One Rock

With move on Fri, PRMB shares up 7% YTD

All 8 analysts covering PRMB are bullish and median PT is $43