IFR US ECM WEEKLY REVIEW
Weekly totals
Total*: $4.9bn – IPOs $902m – ABBs/Blocks $832m – Follow-ons $1.4bn – CBs $1.7bn – International** $1.7bn.
*International. **In US dollars.
Monday
Centuri (US, infrastructure services) ─ $202.3m ABB. 9.8m shares (Secondary) at $20.75 versus $20.25-$21.25 marketing and $22.27 last sale. JPM, WF, BOFA, KEYB, MIZU, MOLS, TDC, UBS. Upsized from 9.5m shares. Southwest Gas is the selling shareholder. Icahn Partners is purchasing another $22m of stock from the selling shareholder at the public offering price in a concurrent private placement. Wall cross.
LATAM Airlines (Chile, airline) ─ $370m Block. 10m shares (Secondary) at $37.00 versus $36.83-$38.27 marketing and $38.27 last sale. JPM. Sixth Street and Strategic Value Partners are the selling shareholders.
Primaris Real Estate Investment Trust (Canada, REIT) ─ C$124.3m ($92m) Bought deal. 8.5m shares (Secondary) at C$14.70 versus C$15.20 last sale. RBC, TDC. Cadillac Fairview is the selling shareholder.
Redwire (US, aerospace & defense) ─ $260m ABB. 15.5m shares (Primary) at $16.75 versus $16.75-$17.75 marketing and $20.57 last sale. JPM, BOFA, MS. Upsized from $200m. Wall cross.
Tuesday
Bitdeer Technologies (Singapore, bitcoin mining) ─ $330m 6y cvt at 4.875%, up 25% versus 4.375%-4.875% and 25%-30% marketing. BARC, BTIG, CANT. Upsized from $300m. A portion of the proceeds are being used to redeem a portion of 8.5% CB due 2029. Zero-strike call option being used to create stock borrow.
Caris Life Sciences (US, cancer diagnostics) ─ $494.1m IPO. 23.5m shares (Primary) at $21.00 versus $19-20 marketing. BOFA, JPM, GS, CITI. Nasdaq "CAI". Price range increased from $16-18 on 6/16. Neuberger Berman indicated for up to $75m of offering. 5% DSP.
Keyera (Canada, midstream MLP) ─ C$2.1bn ($1.5bn) Bought deal. 46m shares (Primary) at C$39.15 fixed versus C$42.07 last sale. RBC. Funding for US$3.75bn purchase of Canadian assets from Plains All American Pipeline. Includes greenshoe shares.
Kraken Robotics (Canada, marine technology) ─ C$100m ($73m) Bought deal. 37.6m shares (Primary) at C$2.66 fixed versus C$2.86 at launch. DESJ.
MakeMyTrip (India, online travel) ─ $1.44bn FO. 16m shares (Primary) at $90.00 versus $91.49 last sale and $100.88 at launch. MS, JPM. Concurrent $1.25bn 5y cvt. Upsized from 14m shares.
MakeMyTrip (India, online travel) ─ $1.25bn 5y cvt at 0%, up 35% versus 0% fixed, and 30%-35%. MS, JPM. Tightened from 25%-35% while marketing. Concurrent $1.44bn common offering.
Slide Insurance (US, insurance) – $408m IPO. 24m shares (Primary, Secondary) at $17.00 versus $15-$17 marketing. BARC, MS. Nasdaq “SLDE”. Upsized from 20m shares.
Thursday
FinVolution (China, fintech) ─ $130m 5y cvt at 2.5%, up 30% versus marketing at 1.75%–2.75%, up 30% fixed. GS, DB, CICC. Concurrent share repurchase. Priced premarket open on 6/20.