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MILWAUKEE - Zurn Elkay Water Solutions Corporation (NYSE:ZWS), a company specializing in water management solutions with a market capitalization of $6.46 billion, announced Monday the initiation of a public offering of shares held by Ice Mountain LLC, a former Elkay stockholder. According to InvestingPro data, the company maintains strong financial health with a robust current ratio of 2.91 and operates with moderate debt levels. In connection with this offering, Zurn Elkay plans to repurchase approximately $50 million worth of its common stock. The stock has shown impressive momentum, gaining over 25% in the past six months, though InvestingPro analysis suggests the stock is currently trading near its Fair Value.
The offering includes 7,750,000 shares of Zurn Elkay’s common stock, with the underwriters granted a 30-day option to buy an additional 1,162,500 shares from Ice Mountain LLC. Zurn Elkay will not be issuing new stock nor receiving proceeds from the selling stockholder’s offering.
Evercore ISI is leading the offering as the joint book-running manager, alongside Baird as an additional book-running manager. A team of co-managers, including BNP Paribas (OTC:BNPQY), Deutsche Bank (ETR:DBKGn) Securities, Mizuho (NYSE:MFG), Oppenheimer & Co., and Stifel, are also involved in the transaction.
The offering is detailed in a registration statement on Form S-3, including a preliminary prospectus supplement, filed with the Securities and Exchange Commission (SEC) and effective as of February 11, 2025. Interested parties can access these documents via the SEC’s EDGAR system or directly from the managing financial institutions.
Zurn Elkay, headquartered in Milwaukee, WI, has been recognized by Newsweek as one of America’s Most Responsible Companies and by TIME as one of the World’s Best Companies for Sustainable Growth. The company’s portfolio includes a wide range of water safety and control products designed to promote health, hydration, safety, and environmental sustainability. With a gross profit margin of 45.13% and strong returns on invested capital, the company demonstrates solid operational efficiency. Discover more detailed insights and 10+ additional ProTips about ZWS’s performance with a subscription to InvestingPro, including comprehensive Pro Research Reports that transform complex financial data into actionable intelligence.
This press release does not serve as an offer to sell or a solicitation of an offer to buy securities and is not valid in jurisdictions where such an offer, solicitation, or sale would be unlawful.
The information provided includes forward-looking statements subject to risks and uncertainties that could cause actual results to differ materially from those projected. Zurn Elkay Water Solutions advises consulting its annual report and other filings with the SEC for a more comprehensive understanding of the risks involved.
This news article is based on a press release statement from Zurn Elkay Water Solutions Corporation.
In other recent news, Zurn Elkay Water Solutions Corp has released its financial results for the quarter ending December 31, 2024. The Milwaukee-based company has shared this information in accordance with the regulations of the Securities Exchange Act of 1934. The earnings release, which is not considered a filing under Section 18 of the Act, provides crucial information for investors about the company’s financial health. Zurn Elkay, previously known as Zurn Water Solutions Corp and Rexnord Corp , underwent its most recent name change on October 5, 2021. The earnings release, based on a press release statement, is intended to keep shareholders informed about the company’s financial position at the end of the last quarter. The full text of the earnings release offers a detailed account of Zurn Elkay’s financial performance. These recent developments serve as a transparent account of Zurn Elkay Water Solutions Corp’s financial situation.
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