EQT completes public offering of common stock of Kodiak Gas Services

Rhea-AI Summary

EQT, through its infrastructure funds III and IV, has completed an underwritten public offering of 5,500,000 shares of Kodiak Gas Services (NYSE: KGS) common stock. The offering generated gross proceeds of $232,925,000. Goldman Sachs & Co. and J.P. Morgan served as the underwriters for the offering, which was completed on December 13, 2024. Notably, Kodiak Gas Services did not participate in the share sale and received no proceeds from the transaction.

Positive

• None.

Negative

• Large shareholder EQT reduced its stake in KGS through the sale of 5.5M shares
• Significant secondary offering may create selling pressure on KGS stock
• No proceeds from the offering will benefit the company's operations or growth

News Market Reaction – KGS

+1.24%

1 alert

+1.24% News Effect

On the day this news was published, KGS gained 1.24%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

• The offering resulted in gross proceeds of USD232,925,000 

NEW YORK, Dec. 13, 2024 /PRNewswire/ -- An affiliate of the funds known as EQT Infrastructure III and EQT Infrastructure IV ("EQT") is pleased to announce the completion of an underwritten public offering (the "Offering") of 5,500,000 shares of common stock of Kodiak Gas Services, Inc. (NYSE: KGS) (the "Company") for gross proceeds of USD232,925,000. Goldman Sachs & Co. LLC and J.P. Morgan acted as the underwriters for the Offering, which was completed on December 13, 2024. The Company did not sell any shares of its common stock in the Offering and did not receive any proceeds from the sale of the shares of its common stock sold by EQT.

Contact

EQT Press Office, press@eqtpartners.com

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https://news.cision.com/eqt/r/eqt-completes-public-offering-of-common-stock-of-kodiak-gas-services,c4082355

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EQT - Kodiak Sell Down (Dec 2024) (KE Draft 12.12.24)_v2_Final

View original content:https://www.prnewswire.com/news-releases/eqt-completes-public-offering-of-common-stock-of-kodiak-gas-services-302331697.html

SOURCE EQT

FAQ

How many shares of KGS stock did EQT sell in the December 2024 offering?

EQT sold 5,500,000 shares of Kodiak Gas Services (KGS) common stock in the December 2024 offering.

What were the gross proceeds from EQT's KGS stock offering?

The gross proceeds from EQT's offering of KGS stock were $232,925,000.

Which investment banks underwrote the KGS stock offering?

Goldman Sachs & Co. and J.P. Morgan acted as the underwriters for the KGS stock offering.

Did Kodiak Gas Services (KGS) receive any proceeds from EQT's stock offering?

No, Kodiak Gas Services did not sell any shares or receive any proceeds from EQT's stock offering.