QXO drops after $753 mln stock sale

Shares of building-products distributor QXO QXO.N down 5.3% premarket to $23.70 after overnight follow-on priced

Greenwich, Connecticut-based QXO announced ~31.6 mln shares at $23.80 for roughly $753.2 mln gross raise

Offering price represents 4.9% discount to stock's last close

QXO intends to use net proceeds for general purposes, including funding future acquisitions

BofA sole underwriter

Co after the bell Thurs said it expects Q4 net sales of $2.19 bln and adj EBITDA of about $150 mln

Billionaire Brad Jacobs' firm on Mon boosted its M&A war chest by another $1.8 bln to $3 bln in a financing led by Apollo Global Management APO.N and Singapore's Temasek

QXO has ~674.5 mln shares outstanding for nearly $17 bln market cap based on last close

Through Thurs, QXO shares up 30% to begin 2026 after about 21% gain in 2025