Loar steadies as top holders slice stakes in $750 mln secondary offering

Shares of aerospace parts supplier Loar Holdings LOAR.N edge up 0.6% to $83.90 premarket after secondary offering priced

White Plains, New York-based firm late Weds announced 9 mln shares offloaded by certain stockholders at $83.41 for total deal size of ~$750.7 mln

LOAR shares on Weds fell 10.5% to close at $83.41 after co launched the offering

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 still collectively own ~55.5% stake in co, per the SEC prospectus filing

Loar has ~93.6 mln shares outstanding for $7.8 bln market cap

Jefferies and Morgan Stanley acting as jt lead bookrunners for offering

Through Weds close, LOAR shares up ~13 YTD. Stock hit record intraday high of $99.67 on Mon

Loar went public in Apr 2024 IPO priced at $28