IFR US ECM Weekly Review
Weekly totals
Total*: $9.8bn – IPOs $0 – ABBs/Blocks $2.7bn – Follow-ons $1.7bn – CBs $5.4bn– SPACs $1.5bn.
*Ex SPACs.
Pricings
Monday
BKV (US, E&P) ─ $156m ABB. 6m shares (Primary) at $26.00 versus $25.50-$26.50 marketing and $28.22 last sale. CITI, BARC, MIZU. Wall cross.
Belite Bio (US, biotech) ─ $350m ABB. 2.7m ADSs (Primary) at $154.00 versus $150.00-$154.00 marketing and $154.02 last sale. MS, LEER, BOFA, CANT. Wall cross.
Bitcoin Infrastructure Acquisition (US, SPAC) ─ $200m IPO. 20m units (Primary) at $10.00. COHEN. Nasdaq “BIXIU”. Each unit comprises one share and one-half warrant. Meteora Capital. Digital assets. 24 months. 100% in trust.
Endeavour Silver (Canada, silver mining) ─ $300m 6y cvt priced at 0.25%, up 32.5% versus 0%-0.5% and 27.5%-32.5% marketing. BMO. Shoe increased to $50m from $45m.
Exelon (US, utility) ─ $900m 3.25y cvt priced at 3.25%, up 25% versus 2.875%-3.375% and 25%-30% marketing. JPM, BARC, MS, BOFA, CITI, GS.
Kodiak Gas Services (US, oilfield services) ─ $337.8m Block. 9.8m shares (Secondary) at $34.60 versus $34.60-$35.20 marketing and $35.20 last sale. GS. EQT is the selling shareholder. Priced pre-market open Monday.
Tuesday
General Purpose Acquisition (Cayman Islands, SPAC) ─ $200m IPO. 20m units (Primary) at $10.00. JEFF. Nasdaq “GPACU”. Each unit comprises one share and one-half warrant. Peter Georgiopoulos. Maritime/logistics/digital infrastructure. 24 months. 100% in trust.
Iren (Australia, high-performance computing) ─ $1bn 6.5y cvt priced at 0.25%, up 25% versus 0%-0.25% and 25%-30% marketing. CITI, GS, JPM. Wall cross. Concurrent $1.6bn registered direct offering. Concurrent $1bn 7.5-year convert. Concurrently buying back $316.6m and $227.7m of $550m and $440m principal 3.5% and 3.25% CBs due 2029 and 2030. Capped call to $82.24, a 100% premium.
Iren (Australia, high-performance computing) ─ $1bn 7.5y cvt priced at 1%, up 25% versus 0.5%-1% and 25%-30% marketing. CITI, GS, JPM. Wall cross. Concurrent $1.6bn registered direct offering. Concurrent $1bn 6.5-year convert. Concurrently buying back $316.6m and $227.7m of $550m and $440m principal 3.5% and 3.25% CBs due 2029 and 2030. Capped call to $82.24, a 100% premium.
Kestra Medical Technologies (US, medical devices) ─ $138m FO. 6m shares (Primary) at $23.00 versus $23.01 last sale and $26.98 at launch. BOFA, PS, JPM, GS, WF. Upsized from 5.5m shares.
SilverBox V (US, SPAC) ─ $240m IPO. 24m units (Primary) at $10.00. SANT. NYSE “SBXE.U”. Upsized from $200m. Each unit comprises one share and one-third warrant. Stephen Kadenacy, Joseph Reece. Not defined. 24 months. 100% in trust.
Wednesday
Activate Energy Acquisition (Cayman Islands, SPAC) ─ $200m IPO. 20m units (Primary) at $10.00. BTIG. Nasdaq “AEAQU”. Each unit comprises one share and one-half warrant. Thomas Fontaine. Energy. 24 months. 100% in trust.
Check Point Software (Israel, cybersecurity software) ─ $1.75bn 5y cvt priced at 0%, up 27.5% versus fixed zero-percent coupon and 25%-30% marketing. CITI, JPM, MS, GS. Upsized from $1.5bn. Concurrent $225m share repurchase (1.18m shares) to facilitate delta hedging. Capped call to $334.43, a 75% premium.
First Majestic Silver (Canada, silver mining) ─ $300m 5.1y cvt priced at 0.125%, up 42.5% versus 0%-0.25% and 37.5%-42.5% marketing. BMO, TD. Concurrently repurchasing a portion of $230m principal CB maturing in January 2027.
MDU Resources (US, gas utility) ─ $200m ABB. 10.2m shares (Primary) at $19.70 versus $19.70-$20.00 marketing and $20.24 last sale. WF, BOFA, JPM. Wall Cross. Structured as a forward sale.
New America Acquisition I (US, SPAC) ─ $300m IPO. 30m units (Primary) at $10.00. Each unit comprises one share and one-half warrant. DMNRI, DBORAL. NYSE “NWAX”. Donald J Trump, Jr/Eric Trump. Tech, healthcare, logistics. 18 months. 100% in trust.
Safeguard Acquisition (US, SPAC) ─ $200m IPO. 20m units (Primary) at $10.00. JEFF. NYSE “SAC”. Each unit comprises one share and one-half warrant. Mark Gottfredson. Aerospace & defense. 24 months. 100% in trust.
UL Solutions (US, professional services) ─$975m FO. 12.5m shares (Secondary) at $78.00 versus $79.38 last sale and $88.85 at launch. GS, JPM, BOFA. Wall cross. UL Standards & Engagement is the selling shareholder.
Thursday
Capricor Therapeutics (US, biotech) ─ $150m ABB. 6m shares (Primary) at $25.00 versus $25.00-$25.00 marketing and $25.40 last sale. PS, OPCO. Upsized from $100m. Wall cross.
Fastly (US, cloud software) ─ $160m 5y cvt priced at 0%, up 32.5% versus 0%-0.5% and 30%-35% marketing. JPM, EVER, FCZN. Upsized from $125m. Concurrently repurchasing a portion of 0% coupon CB maturing in 2026. Capped call to $23.04, a 100% premium.
Leapfrog Acquisition (US, SPAC) ─ $125m IPO. 12.5m units (Primary) at $10.00. BTIG. Nasdaq “LFACU”. Each unit comprises one share and one-half warrant. Leapfrog Partners. Energy and minerals. 24 months. 100% in trust.
Protara Therapeutics (US, biotech) ─ $75m ABB. 13m shares (Primary) at $5.75 versus $5.75-$6.25 marketing and $6.87 last sale. JPM, TDC, PS. Wall cross.
SoFi Technologies (US, fintech) ─ $1.5bn Block. 55.5m shares (Primary) at $27.50 versus $27.50-$28.50 marketing and $29.60 last sale. GS, CITI, MIZU, BOFA, DB.
Symbotic (US, robotics) ─ $550m FO. 10m shares (Primary, Secondary) at $55.00 versus $60.48 last sale and $73.22 at launch. GS, CITI, TD. Softbank is the selling shareholder.