SPX Technologies drops after unveiling $500 mln stock offering

Shares of infrastructure equipment supplier SPX Technologies SPXC.N down 2.8% at $194.97 early Tues as it looks to raise equity

SPX, which specializes in heating, ventilation and air-conditioning and detection and measurement solutions, late Mon announced $500 mln stock offering

It intends to use net offering proceeds for working capital and other general purposes, including refinancing/repurchasing debt, funding acquisitions and capex, per the prospectus

BofA, JP Morgan and Wells Fargo are joint bookrunners for the offering, joined by TD Cowen and Truist Secs

Charlotte, North Carolina-based SPX has ~46.7 mln shares outstanding for about ~$9.4 bln market cap through Mon

Despite decline on Tues, stock up 34% YTD

Stock hit all-time intraday high of $209.38 on Fri and notched record high close of $204.31 on Thurs

All 7 analysts are bullish on SPX with avg rating of "strongbuy", per LSEG; median PT of $205 up from $195 a month ago and $169 on May 12