IFR US ECM PRICINGS
American Superconductor (US, smart grid equipment) ─ $115m ABB. 4.1m shares (Primary) at $28.00 versus $28.00-$29.00 marketing and $34.45 last sale. OPCO. Upsized from $100m.
Ategrity Specialty Insurance (US, specialty insurance) ─ $113.3m IPO. 6.7m shares (Primary) at $17.00 versus at $14-$16 marketing. JPM, BARC. NYSE “ASIC”. 7% DSP. Pricing accelerated from 6/11 post-close.
Aya Gold & Silver (Canada, precious metals) ─ C$100m ($73m) Bought deal. 7.5m shares (Primary) at C$13.35 versus $14.52 at launch. DESJ.
BrightSpring Health Services (US, healthcare services) ─ $304.5m Block. 14m shares (Secondary) at $21.75 versus $21.50-$22.24 marketing and $22.24 last sale. GS, BOFA, KKR. KKR & Co is the selling shareholder.
Brown & Brown (US, insurance broker) ─ $4bn FO. 39.2m shares (Primary) at $102.00 versus $105.49 last sale and $107.86 at launch. JPM, BOFA. Cash funding for $9.4bn acquisition of Accession Risk Management.
Byline Bancorp (US, regional banks) ─ $106m Block. 4.3m shares (Secondary) at $24.75 versus $24.50-$25.50 marketing and $26.72 last sale. JPM. Estate of Daniel L. Goodwin is the selling shareholder. The company bought back $10m of shares sold in the offering and certain directors indicated for up to $3.1m.
Cracker Barrel (US, restaurants) – $300m 5.25y cvt at 1.75%, up 32.5% versus 1.75%-2.25% and 27.5%-32.5% talk at launch. BOFA, GS. Upsized from $275m. Capped call to $87.22, a 60% premium.
Grab (Singapore, ride hailing) ─ $1.5bn 5y, put-3 cvt at 0%, up 40% versus 0%-0.5% and 35%-40% marketing. MS, HSBC, JPM. Upsized from $1.25bn. Concurrent $274m shares repurchase. Reg S placement.
Grupo Financiero Galicia (Argentina, bank) ─ $635.9m Block. 11.7m ADSs (Secondary) at $54.25 versus $53.25-$55.25 marketing and $57.33 last sale. MS, GS. HSBC is the selling shareholder.
Iren (Australia, HPC/bitcoin mining) – $500m 4.5y cvt at 3.5%, up 30% versus 3%-3.5% and 30% fixed marketing. CITI, JPM. Upsized from $450m. Capped call to $20.98, a 100% premium. $100m prepaid forward to facilitate delta hedging.
Rubrik (US, software) ─ $1bn 5y cvt at 0%, up 42.5% versus 0%-0.5% and 37.5%-42.5% marketing. GS, BARC, CITI, WF. Capped call to $175.10, a 100% premium. Fully repay $327.9m of borrowings on credit facility.
Voyager Technologies (US, aerospace & defense) ─ $382.8m IPO. 12.3m shares (Primary) at $31.00 versus $26-$29 marketing. MS, JPM. NYSE “VOYG”. Upsized from 11m shares. Janus Henderson and Wellington Management have indicated for $60m of the offering. DSP (up to $20m).