Jul. 2 at 4:57 AM
$FPS
AI Breakdown on the
$FPS upsized offering at
$49. TL;DR:
• The Bottom Line: The drop from
$60 to
$50 already baked in the pain.
• The
$49 Floor: Institutional heavyweights (Goldman/Morgan) stepped up to buy 43M+ shares at
$49.00. That sets a strong psychological near-term floor.
• Lock-up Risk Reduced: This was a secondary offering by their PE parent (Neos). They essentially ripped the band-aid off early by selling to institutions now, rather than dumping them into the open market when the official August 4th lock-up expiration hits.
• Big Picture: FPS loses its "controlled company" status, which opens the floodgates for massive index and mutual funds to finally start buying the float. Painful week, but a great de-risking event for the long haul.
