IFR US ECM WEEKLY REVIEW
Weekly totals
Total*: $7.8bn – IPOs $150m – ABBs/Blocks $3.8bn – Follow-ons $950m – CBs $2.9bn
*Ex SPACs.
Pricings
Monday
Chewy (US, e-commerce) ─ $1bn Block. 23.95m shares (Secondary) at $41.95 versus $41.95-$42.50 marketing and $43.36 last sale. JPM. Concurrently bought back another $100m of stock from the selling shareholder BC Partners in a private placement. Purchased for $41.75 per share.
Super Micro Computer (US, IT equipment) ─ $2bn 5y cvt at 0%, up 35% versus 0%-0.5% and 32.5%-37.5% marketing. JPM, GS, CITI. Concurrently bought back $200m of common stock. Capped call to $81.78, a 100% premium.
Tuesday
Array Technologies (US, renewable energy equipment) ─ $300m 6y cvt priced at 2.875%, up 27.5% versus 2.5%-3% and 27.5%-32.5% marketing. JEFF, GS, JPM. Upsized from $250m. Repaid $150m term loan. Concurrently repurchased $100m principal of 1% CB due 2028 for $78.3m. Capped call to $12.74, a 100% premium.
Cidara Therapeutics (US, biotech) ─ $350.0m FO. 8m shares (Primary) at $44.00 versus $44.95 last sale and $44.95 at launch. JPM, MS, GUGG, CANT. Upsized from $250m.
Forte Biosciences (US, biotech) ─ $75m ABB. 6.3m shares (Primary) at $12.00 versus $12.00-$13.00 marketing and $14.17 last sale. TDC, EVER, GUGG, CHDN. Wall cross. Includes shares sold as pre-funded warrants.
LightWave Acquisition (US, SPAC) ─ $187.5m IPO. 18.75m units (Primary) at $10.00. Each unit comprises one share and one-half warrant. BTIG. Nasdaq “LWACU”. Upsized from $150 on 6/9. Robert Bennett. Technology. 24 months. 100.25% in trust.
Oxley Bridge Acquisition (Cayman Islands, SPAC) ─ $220m IPO. 22m units (Primary) at $10.00. Each unit comprises one share and one-half warrant. CANT. Nasdaq “OBAU”. Oxley Bridge Capital. Asia ex-China. 24 months. 100% in trust.
QXO (US, building products) ─ $2bn Block. 89.9m shares (Primary) at $22.25 versus $22.25-$23.25 marketing and $23.51 last sale. GS, MS, WF.
Wednesday
Bit Digital (US, bitcoin mining equipment) ─ $150m ABB. 75m shares (Primary) at $2.00 versus $2.00-$2.10 marketing and $2.50 last sale. BRLY.
Cantor Equity Partners III (US, SPAC) ─ $240m IPO. 24m shares (Primary) at $10.00. CANT. Nasdaq “CAEP”. Upsized from $200m. Brandon Lutnick. Fintech/crypto. 24 months. 100% in trust.
Golar LNG (Bermuda, LNG processing) ─ $500m 5.5y CB at 2.75%, up 40% versus 2.5%-3% and 35%-40% marketing. CITI, GS, CLRK, DNB. Concurrent 2.5m share buyback. Wall cross. Dividend protection above zero-cent quarterly threshold.
Jefferson Capital (US, consumer finance) ─ $150m IPO. 10m shares (Primary, Secondary) at $15.00 versus $15-$17 marketing. JEFF, KBW. Nasdaq “JCAP”. 5% DSP. Selling shareholder is JC Flowers.
Kratos Defense and Security Solutions (US, aerospace & defense) ─ $500m ABB. 13m shares (Primary) at $38.50 versus $38.00-$39.00 marketing and $40.77 last sale. BAIRD, RBC, RJ, TRST. Wall cross.
SiTime (US, semiconductor equipment) ─ $350m FO. 1.75m shares (Primary) at $200.00 versus $203.75 last sale and $241.60 at launch. UBS, STFL. Wall cross.
Thursday
CorMedix (US, biotech) ─ $85m ABB. 6.6m shares (Primary) at $12.87 versus $12.87-$13.09 marketing and $14.96 last sale. RBC. Wall cross.
Kymera Therapeutics (US, biotech) ─ $250.8m FO. 5.7m shares (Primary) at $44.00 versus $45.71 last sale and $47.14 at launch. MS, JPM, JEFF, TDC, LEER. Includes pre-funded warrants.