EVgo sinks 23% after 23M share offering prices at $5.00

EVgo (EVGO) priced an underwritten public secondary offering by EVgo Holdings, an affiliate of LS Power Equity Partners IV, of 23M shares of class A common stock at a public offering price of $5.00 per share. LS Power will receive all of the proceeds from this offering, and the company will not receive any proceeds. J.P. Morgan, Goldman Sachs, Morgan Stanley and Evercore ISI acted as lead book-running managers for the offering. EVgo is trading down 23% to $4.89 in early trading following the offering.