IFR US ECM Weekly Review
Weekly totals
Total*: $2.2bn – IPOs $960m – ABBs/Blocks $389m – Follow-ons $632m – CBs $210m – SPACs $1.2bn – International** $91m.
*Excludes SPACs, International and greenshoe options. **In US dollars.
Pricings
Tuesday
Andean Precious Metals (Canada, silver mining) ─ C$83.1m ($60m) Bought deal. 7.9m shares (Secondary) at C$10.50 fixed price. NBF. PMB Partners is the selling shareholder.
Anteris Technologies (US, medical devices) ─ $200m ABB. 34.8m shares (Primary) at $5.75 versus $5.50-$5.75 marketing and $5.75 last sale. BARC, WF, CANT. Concurrent $90m private placement with Medtronic.
X3 Acquisition (US, SPAC) ─ $200m IPO. 20m units (Primary) at $10.00. STFL. Nasdaq “XCBEU”. Each unit comprises one share and one-half warrant. X Cubed Capital. Financial services. 24 months. 100% in trust.
Wednesday
Aldabra 4 Liquidity Opportunity Vehicle (US, SPAC) ─ $261m IPO. 26.1m units (Primary) at $10.00. CANT. Nasdaq “ALOVU”. Each unit comprises one share and one-third warrant. Nathan Leight. Undefined. 24 months. 100% in trust.
AxoGen (US, medical devices) ─ $124m ABB. 4m shares (Primary) at $31.00 versus $30.75-$31.25 marketing and $33.01 last sale. WF, MIZU. Upsized from $85m. Wall cross.
Bioage Labs (US, biotech) ─ $115m FO. 5.9m shares (Primary) at $19.50 versus $20.12 last sale and at $21.32 launch. GS, PS, CITI. Upsized from $75m.
BitGo (US, crypto custodian bank) – $212.8m IPO. 11.8m shares (Primary, Secondary) at $18.00 versus $15.00-$17.00 marketing. GS, CITI. NYSE “BTGO”. 10% DSP.
Corvus Pharmaceuticals (US, biotech) ─ $175m FO. 7.9m shares (Primary) at $22.15 versus $22.15 last sale and $21.41at launch. JEFF, GS. Upsized from $150m.
Erasca (US, biotech) ─ $225m FO. 22.5m shares (Primary) at $10.00 versus $10.05 last sale and $9.81at launch. JPM, MS, JEFF, EVER. Upsized from $150m.
WhiteFiber (US, data centers) ─ $210m 5y cvt priced at 4.5%, up 27.5% versus 4%-4.5% and 20%-25% marketing. BARC, BRLY. Upsized from $200m. Wall cross. Spent $120m of proceeds on zero-strike call option to facilitate stock borrow.
Thursday
Ambiq Micro (US, semiconductors) ─ $83.1m FO. 2.7m shares (Primary, Secondary) at $31.00 versus $33.02 last sale and $33.02 at launch. BOFA, UBS, NEED, STFL. Upsized from 2.2m shares.
Archimedes Tech SPAC Partners III (US, SPAC) ─ $240m IPO. 24m units (Primary) at $10.00. BTIG. Nasdaq “ARCIU”. Each unit comprises one share and one-fourth warrant. Long Long. Technology. 24 months. 100% in trust.
EquipmentShare.com (US, industrial equipment rental) ─ $747.3m IPO. 30.5m shares (Primary) at $24.50 versus $23.50-$25.50 marketing. GS, WF, UBS, CITI, GUGG. Nasdaq "EQPT". 1% DSP. Shoe is entirely secondary. Insight Venture Partners is among the selling shareholders.
Helix Acquisition III (Cayman Islands, SPAC) ─$150m IPO. 15m shares (Primary) at $10.00. DBORAL. Nasdaq “HLXC”. Upsized from $125m. Stock-only structure (no warrants). Cormorant. Life sciences. 24 months. 100% in trust.
International Tower Hill Mines (Canada, gold mining) ─ $65m ABB. 29.3m shares (Primary) at $2.22 versus $2.22 fixed price marketing and $2.44 last sale. BMO. Upsized from $60m. Wall cross. Concurrent $40m private placement with Paulson & Co.
Legato Merger IV (US, SPAC) ─ $200m IPO. 20m units (Primary) at $10.00. BTIG. NYSE. “LEGOU”. Each unit comprises one share and one-third warrant. Gregory Monahan. Undefined. 24 months. 100% in trust.
Moura Dubeux (Brazil, infrastructure) ─ R$482.6m ($91m) FO. 19.3m shares (Primary) at R$25.00 versus R$25.70 last sale and R$25.81 at launch. ITAU, BTG, BRAD, SANT, SAFRA. Includes full exercise of 9.65m share hot-shore option.
NovaGold Resources (US, gold mining) ─ $300m Bought deal. 30m shares (Primary) at $10.00 fixed price versus $10.49 last sale. BMO, RBC, SCOT. Upsized from 20m shares. Backed with $140m of upfront demand from a European institution.
Praetorian Acquisition (Cayman Islands, SPAC) ─ $220m IPO. 22m units (Primary) at $10.00. CLRST. Nasdaq “PTORU”. Each unit comprises one share and one-third warrant. Justin Di Rezze. Healthcare. 24 months. 100% in trust.