CoStar Group launches offering of $750M common shares
CoStar Group (NASDAQ:CSGP) has announced a public offering of $750M of its common stock in conjunction with inclusion into the S&P 500 Index.
That represents ~9.79M shares based on the closing price of $76.64 on Sep 13, 2022. Net proceeds of the offering will be used 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.

CoStar (CSGP) 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. The company believes the number of shares being offered represents only a limited portion of such expected index fund demand.
CoStar's (CSGP) common stock will join the S&P 500 index prior to the open of trading on Sep 19, 2022.
CSGP shares were down over 2% in pre-market hours