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OneStream Announces Launch of Secondary Offering of Class A Common Stock

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OneStream (Nasdaq: OS) has announced a proposed underwritten public offering of 15,000,000 shares of Class A common stock. The offering comprises 9,006,948 shares from selling stockholders and 5,993,052 shares from OneStream as part of a non-dilutive synthetic secondary transaction. Underwriters have a 30-day option to purchase up to 2,250,000 additional shares. OneStream will not retain any proceeds, using them instead to purchase units from KKR Dream Holdings The total number of outstanding shares and units will remain unchanged after the offering. Morgan Stanley, J.P. Morgan, and KKR are leading the offering as book-running managers.

OneStream (Nasdaq: OS) ha annunciato un'offerta pubblica sottoscritta proposta di 15.000.000 azioni di azioni ordinarie di Classe A. L'offerta comprende 9.006.948 azioni da azionisti venditori e 5.993.052 azioni da parte di OneStream come parte di una transazione secondaria sintetica non diluitiva. Gli underwriters hanno un'opzione di 30 giorni per acquistare fino a 2.250.000 azioni aggiuntive. OneStream non trattiene alcun provento, utilizzandoli invece per acquistare unità da KKR Dream Holdings. Il numero totale di azioni e unità in circolazione rimarrà invariato dopo l'offerta. Morgan Stanley, J.P. Morgan e KKR stanno guidando l'offerta come book-running manager.

OneStream (Nasdaq: OS) ha anunciado una oferta pública suscrita propuesta de 15,000,000 acciones de acciones comunes Clase A. La oferta comprende 9,006,948 acciones de accionistas vendedores y 5,993,052 acciones de OneStream como parte de una transacción secundaria sintética no dilutiva. Los suscriptores tienen una opción de 30 días para comprar hasta 2,250,000 acciones adicionales. OneStream no retendrá ningún ingreso, utilizándolos en su lugar para comprar unidades de KKR Dream Holdings. El número total de acciones y unidades en circulación permanecerá sin cambios después de la oferta. Morgan Stanley, J.P. Morgan y KKR están liderando la oferta como gerentes de libro.

OneStream (Nasdaq: OS)는 15,000,000주의 A 클래스 보통주에 대한 제안된 인수공모를 발표했습니다. 이 공모는 9,006,948주의 판매 주주로부터의 주식과 5,993,052주의 OneStream에서의 비희석 합성 2차 거래의 일환으로 구성됩니다. 인수자들은 2,250,000주 추가 구매에 대한 30일 옵션을 가지고 있습니다. OneStream은 어떤 수익도 보유하지 않으며, 대신 KKR Dream Holdings로부터 유닛을 구매하는 데 사용합니다. 공모 이후 유통되는 주식과 유닛의 총 수는 변하지 않을 것입니다. Morgan Stanley, J.P. Morgan 및 KKR가 북마케팅 매니저로 이 공모를 이끌고 있습니다.

OneStream (Nasdaq: OS) a annoncé une offre publique proposée de 15 000 000 actions d'actions ordinaires de Classe A. L'offre comprend 9 006 948 actions de la part d'actionnaires vendeurs et 5 993 052 actions de OneStream dans le cadre d'une transaction secondaire synthétique non dilutive. Les souscripteurs disposent d'une option de 30 jours pour acheter jusqu'à 2 250 000 actions supplémentaires. OneStream ne conservera aucun produit, les utilisant plutôt pour acheter des unités de KKR Dream Holdings. Le nombre total d'actions et d'unités en circulation restera inchangé après l'offre. Morgan Stanley, J.P. Morgan et KKR dirigent l'offre en tant que gestionnaires de livres.

OneStream (Nasdaq: OS) hat eine vorgeschlagene öffentliche Angebotsunterzeichnung von 15.000.000 Aktien der Klasse A Stammaktien angekündigt. Das Angebot umfasst 9.006.948 Aktien von verkaufenden Aktionären und 5.993.052 Aktien von OneStream als Teil einer nicht verwässernden synthetischen Sekundärtransaktion. Die Underwriter haben eine 30-tägige Option, bis zu 2.250.000 zusätzliche Aktien zu kaufen. OneStream wird keine Erlöse behalten, sondern diese stattdessen verwenden, um Einheiten von KKR Dream Holdings zu kaufen. Die Gesamtzahl der ausgegebenen Aktien und Einheiten bleibt nach dem Angebot unverändert. Morgan Stanley, J.P. Morgan und KKR führen das Angebot als Book-Running-Manager an.

Positive
  • Non-dilutive transaction structure maintains current share count
  • Multiple top-tier financial institutions involved as underwriters
Negative
  • Large secondary offering of 15 million shares could pressure stock price
  • Company receives no proceeds to fund operations or growth

Insights

This secondary offering represents a significant market event for OneStream, involving 15 million shares of Class A common stock. The structure is particularly noteworthy, split between 9 million shares from selling stockholders and 6 million shares in a synthetic secondary transaction. The synthetic secondary aspect is clever financial engineering - it maintains the total share count while allowing KKR to reduce its position. This transaction won't dilute existing shareholders, which is positive, but signals potential insider selling pressure. The impressive lineup of underwriters, led by Morgan Stanley, J.P. Morgan and KKR, suggests strong institutional support. However, large secondary offerings often temporarily pressure stock prices due to increased supply. The timing and size indicate major shareholders seeking liquidity, which warrants careful monitoring of post-offering price action and trading volumes.

BIRMINGHAM, Mich., Nov. 12, 2024 /PRNewswire/ -- OneStream, Inc. ("OneStream") (Nasdaq: OS) announced today the commencement of a proposed underwritten public offering of 15,000,000 shares of its Class A common stock, 9,006,948 shares of which are being offered by selling stockholders and 5,993,052 shares of which are being offered by OneStream as part of a non-dilutive "synthetic secondary" transaction (the "Synthetic Secondary"). In addition, the underwriters will have a 30-day option to purchase up to an additional 2,250,000 shares of Class A common stock at the public offering price, less underwriting discounts and commissions.

OneStream will not receive any proceeds from the sale of shares by the selling stockholders in the public offering. OneStream intends to use all of the net proceeds to it from the public offering to purchase LLC units of OneStream Software LLC (and purchase and cancel an equal number of shares of Class C common stock) from KKR Dream Holdings LLC in the Synthetic Secondary, at a purchase price per unit equal to the public offering price per share of Class A common stock sold in the public offering, net of underwriting discounts and commissions. Accordingly, OneStream will not retain any proceeds from the public offering and, upon the closing of the public offering and the Synthetic Secondary, the total number of outstanding shares of common stock of OneStream and LLC units of OneStream Software LLC will remain the same.

Morgan Stanley, J.P. Morgan and KKR are acting as lead book-running managers for the proposed offering. Citigroup, BofA Securities and Guggenheim Securities are acting as book-running managers and Mizuho, Raymond James, Scotiabank, Truist Securities, BTIG, Piper Sandler, TD Cowen and Wolfe | Nomura Alliance are acting as additional book-running managers. Amerivet Securities, Blaylock Van, LLC, Cabrera Capital Markets LLC, Drexel Hamilton and Loop Capital Markets are acting as co-managers for the proposed offering.

The proposed offering will be made only by means of a prospectus. Copies of the preliminary prospectus relating to this offering, when available, may be obtained from: Morgan Stanley & Co. LLC, Prospectus Department, 180 Varick Street, New York, New York 10014, or email: prospectus@morganstanley.com; and J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or email: prospectus-eq_fi@jpmchase.com and postsalemanualrequests@broadridge.com.

A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the 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.

About OneStream

OneStream is how today's Finance teams can go beyond just reporting on the past and Take Finance Further by steering the business to the future. It's the leading enterprise finance platform that unifies financial and operational data, embeds AI for better decisions and productivity, and empowers the CFO to become a critical driver of business strategy and execution.

We deliver a comprehensive cloud-based platform to modernize the Office of the CFO. Our Digital Finance Cloud unifies core financial and broader operational data and processes and embeds AI for better planning and forecasting, with an extensible architecture, so customers can adopt and develop new solutions, achieving greater value as their business needs evolve.

With over 1,500 customers, including 15% of the Fortune 500, more than 250 go-to-market, implementation, and development partners and over 1,400 employees, our vision is to be the operating system for modern finance.

Disclaimer

"Wolfe | Nomura Alliance" is the marketing name used by Wolfe Research Securities and Nomura Securities International, Inc. in connection with certain equity capital markets activities conducted jointly by the firms. Both Nomura Securities International, Inc. and WR Securities, LLC are serving as underwriters in the offering described herein. In addition, WR Securities, LLC and certain of its affiliates may provide sales support services, investor feedback, investor education, and/or other independent equity research services in connection with this offering.

Investor Relations Contacts

INVESTOR CONTACT

Anne Leschin
VP, Investor Relations and Strategic Finance
OneStream
investors@onestreamsoftware.com

MEDIA CONTACT

Victoria Borges
Media Relations Contact
OneStream
media@onestreamsoftware.com

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SOURCE OneStream, Inc.

FAQ

How many shares is OneStream (OS) offering in its secondary offering?

OneStream is offering 15,000,000 shares of Class A common stock, with an additional 30-day option for underwriters to purchase up to 2,250,000 more shares.

Will OneStream's (OS) secondary offering dilute existing shareholders?

No, the offering is structured as a non-dilutive synthetic secondary transaction, and the total number of outstanding shares will remain unchanged.

Who are the lead underwriters for OneStream's (OS) secondary offering?

Morgan Stanley, J.P. Morgan, and KKR are acting as the lead book-running managers for the offering.

How will OneStream (OS) use the proceeds from the secondary offering?

OneStream will use all net proceeds to purchase units from KKR Dream Holdings and will not retain any proceeds from the offering.

OneStream, Inc.

NASDAQ:OS

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Software - Infrastructure
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BIRMINGHAM