ITT completes $1.31 billion stock offering to fund SPX FLOW acquisition

ITT Inc. (NYSE: ITT) completed its underwritten public offering of 8,050,000 shares of common stock at $167.00 per share, generating net proceeds of approximately $1.31 billion after deducting underwriting discounts and estimated offering expenses.

The offering included the full exercise of underwriters' option to purchase an additional 1,050,000 shares. Goldman Sachs & Co. LLC and UBS Investment Bank served as lead book-running managers, with Barclays acting as a book-running manager.

ITT stated it intends to use the proceeds to fund a portion of its previously announced acquisition of SPX FLOW, Inc.'s business. If the acquisition does not complete, the company said it will use the proceeds for general corporate purposes.

The offering was conducted under an automatic shelf registration statement on Form S-3ASR that ITT filed with the Securities and Exchange Commission on November 1, 2024, which became effective upon filing.

Additional bookrunners for the offering included BTIG, BofA Securities, ING, BNP Paribas, Wells Fargo Securities, COMMERZBANK and IMI - Intesa Sanpaolo. Baird, D.A. Davidson & Co., KeyBanc Capital Markets, Stifel and Wolfe | Nomura Alliance acted as co-managers.

ITT is a Stamford, Connecticut-based manufacturer of engineered components and technology solutions for transportation, industrial and energy markets. The company operates in more than 35 countries with sales in approximately 125 countries.

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