IFR US ECM Weekly Review
Weekly totals
Total*: $6.6bn – IPOs $900m – ABBs/Blocks $583m – Follow-ons $0 – CBs $5.1bn – SPACs $100m.
*Excludes SPACs, ex-US deals and closed-end funds.
Pricings
Tuesday
CytomX Therapeutics (US, biotech) ─ $250m FO. 47.2m shares (Primary) at $5.30 versus $5.45 last sale and $6.75 at launch. JEFF, PS, CANT, BARC. Includes pre-funded warrants.
Nebius (Netherlands, data centers) ─ $2.25bn 5y cvt priced at 1.25%, up 57.5% versus 1%-1.5% and 45%-50% marketing. GS. Upsized from $2bn. Concurrent $1.75bn 7y cvt. Structured with 120% accretion provision that increases effective conversion premium to 89%.
Nebius (Netherlands, data centers) ─ $1.75bn 7y cvt priced at 2.625%, up 55% versus 2.375%-2.875% and 45%-50% marketing. GS. Concurrent $2.25bn 5y cvt. Structured with 120% accretion provision that increases effective conversion premium to 86%.
Ormat Technologies (US, renewable energy) ─ $725m 5y Series A cvt priced at 1.5%, up 30% versus 1.5%-2% and 27.5%-32.5% marketing. JPM, MS, GS, HSBC. Upsized from $600m. Concurrent $150m Series B cvt. Concurrent $25m share repurchase to facilitate delta hedging. Concurrently repurchased $285.9m principal of 2.5% CB due 2027 for $287.9m.
Ormat Technologies (US, renewable energy) ─ $150m 5y-put 1 Series B cvt priced at 0%, up 30% versus 0% fixed and 25%-30% marketing. JPM, MS, GS, HSBC. Concurrent $725m Series A cvt. Concurrent $25m share repurchase to facilitate delta hedging. Concurrently repurchased $285.9m principal of 2.5% CB due 2027 for $287.9m.
SAB Biotherapeutics (US, biotech) ─ $85m ABB. 22.1m shares (Primary) at $3.85 versus $3.75-$4.07 marketing and $4.07 last sale. JEFF, UBS, CITI, BARC. Upsized from $75m. Wall cross. Includes pre-funded warrants.
Wednesday
BHAV Acquisition (Cayman Islands, SPAC) ─ $100m IPO. 10m units (Primary) at $10.00. MAXM. Nasdaq “BHAVU”. Each unit comprises one share and one-fourth warrant. Giri Devanur. Not defined. 15 months. 100% in trust.
Guardian Pharmacy Services (US, healthcare services) ─ $186m ABB. 6m shares (Secondary) at $31.00 versus $30.60-$31.60 marketing and $33.91 last sale. BOFA, JEFF, RJ. Wall cross. Upsized from 5m shares.
I-80 Gold (Canada, mining) ─ $250m 5y cvt priced at 3.75%, up 37.5% versus 3.75%-4.25% and 30%-35% marketing. BMO, NBF. Wall cross. Upsized from $200m.
Thursday
Flowco (US, oilfield services) – $171.6m ABB. 7.8m shares (Secondary) at $22.00 versus $21.50-$22.50 marketing and $24.45 last sale. JPM, JEFF. Company is bought back 780,000 shares sold in the offering. GEC Advisors is the selling shareholder.
Guardian Metal Resources (UK, mining) ─ $60m NYSE IPO. 4.4m ADSs (Primary) at $13.50 versus $17.00 equivalent LSE closing price. BMO, CANT. Upsized from 3.1m ADS. Each NYSE ADS represents five ordinary LSE-listed ordinary shares trading £2.45 ($16.35 per ADR) at launch.
Janus Living (US, senior housing REIT) ─ $840m IPO. 42m shares (Primary) at $20.00 versus $18-$20. BOFA, JPM. NYSE “JAN”. Upsized from 37m shares. Externally managed by Healthpeak Properties. Cornerstone investors CenterSquare Investment Management, DWS Group, MFS Investment Management, and PGIM indicated for $300m of offering. 5% DSP.
Navigator Holdings (UK, LNG shipping) ─ $140m ABB. 8m shares (Secondary) at $17.50 versus $17.25-$17.75 marketing and $19.17 last sale. CITI, DNB, FRNLY, PRTO. Upsized from 7m shares. Wall cross. Company bought back 3.5m shares sold in the offering. BW Group is the selling shareholder.