Sotera Health rises as PE backers complete exit

Shares of sterilization solutions provider Sotera Health SHC.O up 1.4% to $15.65, bucking broader weakness in equities on Tues, after secondary offering

Broadview Heights, Ohio-based SHC late Mon launched offering of 31.84 mln shares by private equity firms Warburg Pincus and GTCR

Offering priced at $15.27 vs stock's last close of $15.43, thefly.com reports, which equates to $486.2 mln gross proceeds

With the transaction, Warburg and GTCR fully divest their remaining stakes in SHC, which has ~285.17 mln shares outstanding, per the prospectus

Goldman Sachs sole underwriter for offering

Warburg and GTCR took SHC public in Nov 2020 IPO priced at $23

SHC a week ago posted Q1 rev growth of 10% yr/yr to $280 mln and adj EPS of 18 cents, beating LSEG estimates. It also announced Alton Shader to succeed CEO Michael B Petras Jr effective May 26, as part of planned leadership transition

SHC stock now down ~11% YTD

9 of 11 analysts rate the stock "strong buy" or "buy", 2 "hold"; median PT $20