IFR US ECM WEEKLY REVIEW
Weekly totals
Total* $9.4bn – IPOs $625m – ABBs/Blocks $5.3bn – Follow-ons $783m– CBs $3.2bn – SPACs $535m
*Excludes SPACs.
Tuesday
CenterPoint Energy (US, utilities) ─ $800m ABB. 21.6m shares (Primary) at $37.00 versus $36.80-$37.15 marketing and $37.73 last sale. BOFA, MIZU, JPM. Wall cross. Forward sale.
ChampionsGate Acquisition (Cayman Islands, SPAC) ─ $65m IPO. 6.5m units at $10.00. Each unit comprises one share and one-eighth right. CLRST. Nasdaq “CHPGU”. Sunny Kah Wei Tan. Not defined. 18 months. 100.5% in trust. Downsized from $200m on 5/6.
DoorDash (US, food delivery) ─ $2.5bn 5y cvt at 0%, up 42.5% versus 0%-0.25% and 37.5%-42.5% marketing. JPM, BOFA, UBS. Upsized from $2bn. Capped call to $512.225, a 150% premium.
GDS (China, data centers) ─ $127.4m ABB. 5.2m shares (Primary) at $24.50 versus $24.25-$25.25 marketing and $27.14 last sale. JPM, BOFA, MS, UBS. Wall cross. Concurrent $500m 7y cvt and delta hedge.
GDS (China, data centers) ─ $500m 7y, put-4 cvt at 2.25%, up 35% versus 2%-2.5% and 30%-35% marketing. JPM, BOFA, MS, UBS. Upsized from $450m. Wall cross. Concurrent $127.4m ADS offering and delta hedge.
Kochav Defense Acquisition (US, SPAC) ─ $220m IPO. 22m units (Primary) at $10.00. Each unit comprises one share and one-seventh right. SPAC. Nasdaq “KVCHU”. Menachem Shalom. Aerospace/defense. 18 months. 100% in trust.
Viking (US, cruise ship operator) ─ $1.35bn Block. 30.5m shares (Secondary) at $44.20 versus $44.20-$44.50 marketing and $44.92 last sale. JPM, BOFA. TPG and CPP are the selling shareholders.
Wednesday
Amer Sports (Finland, sporting goods) ─ $1.3bn Block. 35m shares (Secondary) at $37.20 versus $37.20-$37.73 marketing and $37.73 last sale. GS, BOFA. FountainVest Partners is the selling shareholder.
Birkenstock (UK, footwear) ─ $941.2m ABB. 17.9m shares (Secondary) at $52.50 versus $51.50-$53.50 marketing and $54.30 last sale. GS, JPM, BOFA. Upsized from 15.7m shares. L Catterton is the selling shareholder. Company bought back 3.97m shares sold in the offering.
Hess Midstream (US, MLP) ─ $559.6m Block. 15m shares (Secondary) at $37.25 versus $36.90-$37.45 marketing and $38.19 last sale. JPM, CITI. Global Infrastructure Partners is the selling shareholder.
Immunic (US, biotech) ─ $60m ABB. 80m shares (Primary) at $0.75 versus $0.75 fixed-price marketing and $0.91 last sale. LEER. Structured entirely as pre-funded warrants plus Series A & B warrants.
Jena Acquisition II (US, SPAC) ─ $200m SPAC IPO. 20m units (Primary) at $10.00. SANT. NYSE "JENAU". Bill Foley. Not defined. 24 months. 100% in trust.
Taysha Gene Therapies (US, biotech) ─ $205.5m ABB. 74.7m shares (Primary) at $2.75 versus $2.75-$2.75 marketing and $2.44 last sale. JEFF, BOFA, PS, BARC. Upsized from $200m. Wall cross. Includes pre-funded warrants.
Wintergreen Acquistion (China, SPAC) ─ $50m IPO. 5m units (Primary) at $10.00. Each unit comprises one share and one-eighth right. DBORAL. Nasdaq “WTGU”. Yonfang Yao. TMT in Asia (incl China). 15 months. 100.25% in trust.
Thursday
Eos Energy Enterprises (US, alternative energy) ─ $225m 5y cvt at 6.75%, up 27.5% versus 6.75%-7.25% and 27.5%-32.5% marketing. JEFF, JPM. Upsized from $175m. Concurrent $75m common stock offering.
Eos Energy Enterprises (US, alternative energy) ─ $75m FO. 18.8m shares (Primary) at $4.00 versus $4.52 last sale and $6.00 at launch. JEFF, JPM. Concurrent $225m 5y cvt upsized from $175m.
Galaxy Digital (US, crypto mining) ─ $600.4m FO. 31.6m shares (Primary, Secondary) at $19.00 versus $19.60 last sale and $21.74 at launch. GS, JEFF, MS. Upsized from 29m shares.
TAT Technologies (Israel, aerospace & defense) ─ $107.9m FO. 4.2m shares (Primary, Secondary) at $26.00 versus $27.48 last sale and $30.83 at launch. STFL, TRST.