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