SPX3,693.23-64.76 -1.72%
DIA295.86-4.66 -1.55%
IXIC10,867.93-198.88 -1.80%

CoStar Group, Inc. Announces $750M Public Offering Of Common Stock In Conjunction With Inclusion Into S&P 500 Index

CoStar Group, Inc. (NASDAQ:CSGP) ("CoStar"), a leading provider of online real estate marketplaces, information and analytics, announced today that in conjunction with the September 2, 2022 announcement by

Benzinga · 09/14/2022 06:38

CoStar Group, Inc. (NASDAQ:CSGP) ("CoStar"), a leading provider of online real estate marketplaces, information and analytics, announced today that in conjunction with the September 2, 2022 announcement by Standard & Poor's ("S&P") to include CoStar in the S&P 500 index, CoStar has commenced a public offering of $750 million of its common stock, representing approximately 9.79 million shares (based on the closing price on September 13, 2022 of $76.64). CoStar plans to market the offering primarily to S&P 500 index funds expected to have an interest in purchasing shares ahead of the date of CoStar's inclusion in the S&P 500 index. CoStar believes the number of shares being offered represents only a limited portion of such expected index fund demand. S&P will add CoStar's common stock to the S&P 500 index prior to the open of trading on September 19, 2022.

CoStar expects to use the net proceeds of the offering to fund all or a portion of the costs of any strategic acquisitions CoStar determines to pursue in the future, to finance the growth of its business and for working capital and other general corporate purposes. Goldman Sachs & Co. LLC and J.P. Morgan are acting as joint book-running managers for the offering.