StepStone Announces Secondary Offering
StepStone Group Inc. (STEP) has announced a secondary offering of 4,099,997 shares of its Class A common stock. The company will not retain any net proceeds from the offering, as it intends to use all funds to purchase shares from certain holders and pay cash upon exchange of Class B and C units. Goldman Sachs & Co. is acting as the sole book-running manager for the proposed offering.
StepStone expects no dilution to existing stockholders as a result of this offering. The company has filed an effective registration statement with the SEC, and a preliminary prospectus supplement will be made available. Interested investors are advised to read the prospectus and related documents before investing.
StepStone Group Inc. (STEP) ha annunciato un'offerta secondaria di 4.099.997 azioni delle sue azioni ordinarie di Classe A. L'azienda non trattiene alcun provento netto dall'offerta, poiché intende utilizzare tutti i fondi per acquistare azioni da alcuni detentori e pagare in contante in cambio delle unità di Classe B e C. Goldman Sachs & Co. è l'unico gestore dell'offerta proposta.
StepStone si aspetta nessuna diluizione per gli azionisti esistenti a seguito di questa offerta. L'azienda ha presentato una dichiarazione di registrazione efficace alla SEC e un supplemento di prospetto preliminare sarà reso disponibile. Gli investitori interessati sono invitati a leggere il prospetto e i documenti correlati prima di investire.
StepStone Group Inc. (STEP) ha anunciado una oferta secundaria de 4.099.997 acciones de su clase A de acciones ordinarias. La empresa no retendrá ningún ingreso neto de la oferta, ya que tiene la intención de utilizar todos los fondos para comprar acciones a ciertos tenedores y pagar en efectivo al intercambiar unidades de clase B y C. Goldman Sachs & Co. actúa como el único gerente de libros para la oferta propuesta.
StepStone espera sin dilución para los accionistas existentes como resultado de esta oferta. La empresa ha presentado una declaración de registro efectiva ante la SEC y se pondrá a disposición un suplemento de prospecto preliminar. Se aconseja a los inversores interesados leer el prospecto y los documentos relacionados antes de invertir.
StepStone Group Inc. (STEP)은 4,099,997주의 클래스 A 보통주에 대한 2차 공모를 발표했습니다. 회사는 공모에서 발생하는 순이익을 유지하지 않을 것이며, 모든 자금을 특정 주주로부터 주식을 구매하고 클래스 B 및 C 유닛의 교환 시 현금을 지급하는 데 사용할 예정입니다. Goldman Sachs & Co.는 제안된 공모의 단독 북주관 매니저로 활동하고 있습니다.
StepStone은 이 공모의 결과로 기존 주주에게 희석이 없을 것이라고 예상하고 있습니다. 회사는 SEC에 대해 효력이 있는 등록신청서를 제출했으며, 예비 투자설명서 보충자료가 제공될 것입니다. 관심 있는 투자자들은 투자 전에 투자설명서 및 관련 문서를 읽을 것을 권장합니다.
StepStone Group Inc. (STEP) a annoncé une offre secondaire de 4.099.997 actions de ses actions ordinaires de Classe A. La société ne conservera aucun produit net de l'offre, car elle prévoit d'utiliser tous les fonds pour acheter des actions auprès de certains détenteurs et de payer en espèces lors de l'échange des unités de Classe B et C. Goldman Sachs & Co. agit en tant que seul gestionnaire de livre pour l'offre proposée.
StepStone s'attend à aucune dilution pour les actionnaires existants à la suite de cette offre. L'entreprise a déposé une déclaration d'enregistrement efficace auprès de la SEC, et un supplément de prospectus préliminaire sera mis à disposition. Les investisseurs intéressés sont invités à lire le prospectus et les documents connexes avant d'investir.
StepStone Group Inc. (STEP) hat eine sekundäre Platzierung von 4.099.997 Aktien seiner Stammaktien der Klasse A bekannt gegeben. Das Unternehmen wird keinerlei Nettoerlös aus der Platzierung behalten, da es beabsichtigt, sämtliche Mittel zu verwenden, um Aktien von bestimmten Anteilseignern zu kaufen und Bargeld im Austausch für Anteile der Klassen B und C zu zahlen. Goldman Sachs & Co. fungiert als alleiniger Bookrunner für das vorgeschlagene Angebot.
StepStone erwartet keine Verwässerung für bestehende Aktionäre infolge dieses Angebots. Das Unternehmen hat eine wirksame Registrierungserklärung bei der SEC eingereicht, und ein vorläufiger Prospektzusatz wird zur Verfügung gestellt. Interessierte Anleger werden gebeten, den Prospekt und die zugehörigen Dokumente vor einer Investition zu lesen.
- No dilution expected for existing stockholders
- Goldman Sachs & Co. acting as sole book-running manager, potentially indicating strong market interest
- Company not retaining any net proceeds from the offering
- Potential sell pressure from existing shareholders
Insights
StepStone's secondary offering of 4,099,997 Class A shares is a strategic move that warrants attention. The key aspect here is that the company won't retain any proceeds from the offering, using them instead to purchase shares from existing holders and facilitate unit exchanges. This indicates a restructuring of ownership rather than raising capital for operations or growth.
The no-dilution aspect is positive for existing shareholders, maintaining their proportional ownership. However, the motivation behind this move raises questions. It could signal that some major shareholders are looking to cash out, which might be perceived negatively by the market. Investors should closely monitor any changes in insider ownership following this offering, as it could provide insights into insiders' confidence in the company's future prospects.
This secondary offering by StepStone Group is intriguing from a market perspective. With Goldman Sachs as the sole book-runner, it suggests a high-profile transaction. The timing of this offering could indicate StepStone's perception of favorable market conditions for such a move.
Investors should consider the broader implications for the alternative assets management sector. If major shareholders are indeed reducing their stakes, it might reflect changing sentiments about the industry's growth prospects or regulatory environment. Additionally, the market's reaction to this offering could provide valuable insights into investor appetite for exposure to alternative asset managers in the current economic climate.
NEW YORK, Sept. 09, 2024 (GLOBE NEWSWIRE) -- StepStone Group Inc. (“StepStone”) today announced that it intends to offer for sale in an underwritten offering 4,099,997 shares of StepStone’s Class A common stock (the “Offering”).
StepStone intends to use all of the net proceeds from the Offering, after underwriting discounts and commissions and expenses, to purchase shares of Class A common stock from certain holders thereof and to pay cash upon exchange of Class B units (together with an equal number of shares of Class B common stock of StepStone) and Class C units, as applicable, by certain holders thereof. As a result, StepStone will not retain any net proceeds from the Offering, and StepStone expects the Offering will result in no dilution to existing stockholders.
Goldman Sachs & Co. LLC is acting as sole book-running manager for the proposed Offering.
StepStone has an effective registration statement (including a base prospectus) on file with the Securities and Exchange Commission (the “SEC”) and a preliminary prospectus supplement for the Offering will be made available. Before you invest, you should read the prospectus in that registration statement and the related preliminary prospectus supplement and other documents that StepStone has filed and will file with the SEC for more complete information about StepStone and the proposed Offering. You may obtain these documents for free by visiting the SEC’s EDGAR website at www.sec.gov. Alternately, copies of the preliminary prospectus supplement and base prospectus related to the Offering may be obtained from:
Goldman Sachs & Co. LLC
200 West Street
New York, New York 10282
Attn: Prospectus Department
Telephone: (866) 471-2526
The Offering of these securities is being made only by means of a prospectus supplement and an accompanying prospectus. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor will there be any sale of any of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration and qualification under the securities laws of such state or jurisdiction.
About StepStone
StepStone Group Inc. (Nasdaq: STEP) is a global private markets investment firm focused on providing customized investment solutions and advisory and data services to its clients. As of June 30, 2024, StepStone was responsible for approximately
Forward-Looking Statements
Some of the statements in this release may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking. Words such as “anticipate,” “believe,” “continue,” “estimate,” “expect,” “future,” “intend,” “may,” “plan” and “will” and similar expressions identify forward-looking statements. Forward-looking statements, including statements regarding the consummation of the Offering, reflect management’s current plans, estimates and expectations and are inherently uncertain. The inclusion of any forward-looking information in this release should not be regarded as a representation that the future plans, estimates or expectations contemplated will be achieved. Forward-looking statements are subject to various risks, uncertainties and assumptions. Important factors that could cause actual results to differ materially from those in forward-looking statements include, but are not limited to, global and domestic market and business conditions, our successful execution of business and growth strategies, the favorability of the private markets fundraising environment, successful integration of acquired businesses and regulatory factors relevant to our business, as well as assumptions relating to our operations, financial results, financial condition, business prospects, growth strategy and liquidity and the risks and uncertainties described in greater detail under the “Risk Factors” section of our Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission on May 24, 2024, as such factors may be updated from time to time. We undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.
Contacts
Shareholder Relations:
Seth Weiss
shareholders@stepstonegroup.com
1-212-351-6106
Media:
Brian Ruby / Chris Gillick / Matt Lettiero, ICR
StepStonePR@icrinc.com
1-203-682-8268
FAQ
How many shares of Class A common stock is StepStone Group (STEP) offering in the secondary offering?
Will the secondary offering by StepStone Group (STEP) dilute existing stockholders?
Who is the book-running manager for StepStone Group's (STEP) secondary offering?
How will StepStone Group (STEP) use the proceeds from the secondary offering?
