** Shares of Zurn Elkay Water Solutions ZWS.N down 4.3% before the bell at $35.30, threatening to fall for fourth straight session, after secondary offering priced

** Milwaukee, Wisconsin water management services co late Tues announced 7.75 mln shares sold by Ice Mountain at $35, 5.1% discount to last sale

** Co agreed to repurchase ~1.6 mln shares, approx $55 mln worth, from the underwriters

** Bottled water firm Ice Mountain's stake goes from 14.1% to 9.6%, or ~16.2 mln shares, per the SEC prospectus filing

** According to LSEG, Ice Mountain was the #1 holder prior to the offering. Next largest shareholders were BlackRock (~21 mln shares), Vanguard (~15.5 mln), and Kayne Anderson (~13.5 mln)

** ZMS has ~170 mln shares outstanding for ~$6.3 bln market cap

** Evercore and Baird jt bookrunners for offering

** Through Tues close, ZWS shares down 1% to start 2025 following 27% gain in 2024

** Avg rating among 8 covering analysts is "buy" with $42 median PT - LSEG

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))