BrightSpring Health drops as KKR to slice stake in secondary offering

Shares of BrightSpring Health Services BTSG.O down 4.7% in extended trading to $21.20 after secondary offering announced

Home healthcare and hospice provider says certain holders including affiliates of KKR KKR.N and members of management to offload 14 mln shares

Goldman Sachs and BofA lead bookrunners for offering

Private equity firm KKR owns ~92.96 mln BTSG shares for ~53% stake, according to LSEG data

Louisville, Kentucky-based BrightSpring has ~174.3 mln shares outstanding for ~$3.9 bln market cap

BTSG shares on Tues closed down 6.8% at $22.24, cutting YTD gain to about 31%. Stock hit intraday record high of $25.57 on Mon

Co went public in Jan 2024 IPO priced at $13

11 of 12 analysts rate stock "strong buy" or "buy", 1 rates "hold" and median PT is $27 - LSEG