Ingersoll Rand Announces Pricing of its Secondary Offering of 14,924,081 Shares of Common Stock

Rhea-AI Summary

Ingersoll Rand Inc. (NYSE:IR) announced the pricing of a secondary offering by KKR Renaissance Aggregator L.P. of 14,924,081 shares at $49.00 each. Ingersoll Rand will not sell any shares, with proceeds going entirely to the Selling Stockholder. The offering is set to close on May 13, 2021, pending customary conditions. Goldman Sachs and Citigroup are the underwriters. A registration statement for these securities has been filed and is effective. This release contains forward-looking statements subject to risks and uncertainties.

Positive

• The secondary offering of 14,924,081 shares indicates strong interest and confidence from KKR Renaissance Aggregator L.P.
• Shares are priced at $49.00, reflecting a solid valuation.

Negative

• Ingersoll Rand is not benefiting from the proceeds as no shares are sold by the company.
• The secondary offering may lead to increased stock supply, potentially diluting existing shareholder value.

Ingersoll Rand Inc. (NYSE:IR) (“Ingersoll Rand”) today announced the pricing of the previously announced underwritten secondary offering by KKR Renaissance Aggregator L.P. (the “Selling Stockholder”) of 14,924,081 shares of common stock of Ingersoll Rand pursuant to a registration statement filed by Ingersoll Rand with the U.S. Securities and Exchange Commission (the “SEC”), at the public offering price of $49.00 per share. No shares are being sold by Ingersoll Rand. The Selling Stockholder will receive all of the proceeds from this offering. The offering is expected to close on May 13, 2021, subject to customary closing conditions.

Goldman Sachs & Co. LLC and Citigroup are acting as the underwriters for the offering.

A registration statement relating to these securities has been filed with the SEC and has become effective. This news release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

The offering of these securities will be made only by means of a prospectus. Copies of the preliminary prospectus may be obtained from Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282, telephone: 1-866-471-2526, facsimile: 212-902-9316, email: Prospectus-ny@ny.email.gs.com and Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, telephone: 800-831-9146.

Forward Looking Statements

This news release contains “forward-looking statements” as that term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on Ingersoll Rand’s current expectations and are subject to risks and uncertainties, which may cause actual results to differ materially from these current expectations. Such risks and uncertainties, include, but are not limited to, the risks, uncertainties and factors set forth under the section entitled “Risk Factors” in its most recent annual report on Form 10-K filed with the Securities and Exchange Commission (“SEC”), as such factors may be updated from time to time in its periodic filings with the SEC.

Any forward-looking statements speak only as of the date of this release. Ingersoll Rand undertakes no obligation to update any forward-looking statements, whether as a result of new information or developments, future events or otherwise, except as required by law. Readers are cautioned not to place undue reliance on any of these forward-looking statements.

About Ingersoll Rand Inc.

Ingersoll Rand Inc. (NYSE:IR), driven by an entrepreneurial spirit and ownership mindset, is dedicated to helping make life better for our employees, customers and communities. Customers lean on us for our technology-driven excellence in mission-critical flow creation and industrial solutions across 40+ respected brands where our products and services excel in the most complex and harsh conditions. Our employees develop customers for life through their daily commitment to expertise, productivity and efficiency. For more information, visit www.IRCO.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210511005471/en/

FAQ

What is the recent secondary offering by Ingersoll Rand (IR)?

Ingersoll Rand announced a secondary offering of 14,924,081 shares at $49.00 each, with proceeds going to the Selling Stockholder, KKR Renaissance Aggregator L.P.

Who are the underwriters for Ingersoll Rand's (IR) secondary offering?

Goldman Sachs and Citigroup are acting as underwriters for the secondary offering.

When is the expected closing date for the Ingersoll Rand (IR) offering?

The offering is expected to close on May 13, 2021, subject to customary closing conditions.

What are the risks mentioned in Ingersoll Rand's (IR) press release?

The press release includes forward-looking statements that are subject to risks and uncertainties outlined in Ingersoll Rand's annual report on Form 10-K.