Aerospace parts maker Loar falls as top holders to trim stakes

Shares of Loar Holdings LOAR.N fall 7.5% to $86.18 early Weds after aerospace parts suppler launches secondary offering

White Plains, New York-based firm late Tues said certain stockholders to sell 9 mln shares

Hedge fund Abrams Capital Management, a 40% holder, Blackstone BX.N and GPV Loar, which is managed by board director Paul Levy, comprise the bulk of the selling

Post offering, they will still collectively own ~55.5% stake, per the SEC prospectus filing

Loar has ~93.56 mln shares outstanding for about ~$8.3 bln market cap

Jefferies and Morgan Stanley acting as jt lead bookrunners for offering, joined by Blackstone as a co-mgr

With move on the session, LOAR shares up 16% YTD. Stock hit record intraday high of $99.67 on Mon

Loar went public in Apr 2024 IPO priced at $28