FR US ECM CALENDAR
August 11: DigitalOcean (US, IT services) ─ $500m 5y cvt marketed at 0%-0.5%, up 30%-35%. MS, JPM, BOFA. Capped call. Concurrent $500m term loan. Concurrently buying back a portion of $1.5bn principal 0% CB maturing in 2026.
August 11: Ligand Pharmaceuticals (US, drug royalties) ─ $400m 5y cvt marketed at 0.75%-1.25%, up 27.5%-32.5%. CITI, BOFA, STFL. Concurrent $30m share repurchase. Capped call.
August 11: Upstart (US, fintech) ─ $500m 6.5y cvt marketed at 0%-0.5%, up 27.5%-32.5%. GS, BARC, CITI. Capped call. Concurrently buying back portions of $300m principal 0.25% CB maturing 2026.
August 11: WisdomTree (US, asset mgmt) ─ $400m 5y cvt marketed at 4.625%-5.125%, up 40%-45%. OPCO. Wall cross. Using $275m to fund Ceres acquisition, $25.8m to repurchase 5.75% CB due 2028, $80m to buy back stock.
August 12: Bullish (Cayman Islands, crypto exchange) ─ $990m IPO. 30m shares (Primary) at $32.00-$33.00. JPM, JEFF, CITI. NYSE “BLSH”. $200m of upfront demand from Ark Investment Management and BlackRock. Refiled from 20.3m shares at $28-$31 on 8/4.
August 12: SPX Technologies (US, HVAC equipment) ─ $500m FO. Fixed size (Primary) versus $200.51 at launch. BOFA, JPM, WF, TDC, TRST.
August 13: Miami International (US, electronic trading) ─ $315m IPO. 15m shares (Primary) at $19-$21. JPM, MS, PS. NYSE “MIAX”. Wellington Management has indicated for $40m of the offering.
Week of August 11: Hall Chadwick Acquisition (Singapore, SPAC) ─ $180m IPO. 18m units (Primary) at $10.00. COHEN. Nasdaq “HCACU”. Hall Chadwick. Tech/infrastructure. Each unit comprises one share and one tenth right. 24 months. 100% in trust.