IFR US ECM WEEKLY REVIEW
Weekly totals
Total*: $4.3bn – IPOs $44m – ABBs/Blocks $478m – Follow-ons $875m – CBs $2.9bn – SPACs $1.3bn.
*Ex SPACs.
Pricings
Monday
Cohen Circle Acquisition II (US, SPAC) ─ $220m IPO. 22m units (Primary) at $10.00. Each unit comprises one share and one-fourth warrant. CLRST. Nasdaq “CCIIU”. Betsy Cohen. Fintech. 24 months. 100% in trust.
Dyne Therapeutics (US, biotech) ─ $200m ABB. 24.2m shares (Primary) at $8.25 versus $8.25-$9.00 marketing and $9.57 last sale. MS, JEFF, STFL, GUGG. Separately, secured up to $275m credit facility from Hercules Capital.
Indigo Acquisition (Cayman Islands, SPAC) ─ $100m IPO. 10m units (Primary) at $10.00. Each unit comprises one share and one-tenth right. EBC. Nasdaq “INACU”. Cassel Salperter. No defined target. 21 months. 100% in trust.
NMP Acquisition (US, SPAC) ─ $100m IPO. 10m units (Primary) at $10.00. Each unit comprises one share and one-fifth right. MAXM. Nasdaq “NXMPU”. Next Move Partners. Not defined. 18 months. 100% in trust.
Nektar Therapeutics (US, biotech) ─ $100m ABB. 4.3m shares (Primary at $23.50 versus $23.00-$23.50 marketing and $25.76 last sale. JEFF, PS. Wall cross.
Tempus AI (US, medtech) ─ $650m 5y cvt at 0.75%, up 32.5% versus 1.25%-1.75% and 27.5%-32.5% marketing. MS, JPM. Upsized from $400m. Repaid $247.7m term loan. Capped call to $111.195, a 75% premium.
Zscaler (US, security software) ─ $1.5bn 3y cvt at 0%, up 40% versus 0%-0.5% and 35%-40% marketing. CITI, GS, BARC, DB. Capped call to $784.85, a 150% premium.
Tuesday
1RT Acquisition (Cayman Islands, SPAC) ─ $150m IPO. 15m units (Primary) at $10.00. Each unit comprises one share and one-quarter warrant. CANT. Nasdaq “ONCHU”. 1RoundTable Partners. Crypto. 24 months. 100% in trust.
AeroVironment (US, aerospace & defense) ─ $875m FO. 3.5m shares (Primary) at $248.00 versus $252.40 last sale and $284.95 at launch. JPM, BOFA, RJ, RBC, WBLR, BAIRD, BNPP. Upsized from $750m. Concurrent $650m five-year convertible bond offering. Wall cross.
AeroVironment (US, aerospace & defense) ─ $650m 5y cvt at 0%, up 30% versus 0%-0.5% and 25%-30% marketing. JPM, BOFA, RJ, RBC, WBLR, BAIRD, BNPP. Upsized from $600m. Concurrent $875m follow-on offering. Wall cross.
ArriVent BioPharma (US, biotech) ─ $75m ABB. 3.85m shares (Primary) at $19.50 versus $19.50-$20.00 marketing and $20.89 last sale. GS, CITI, GUGG. Wall cross. Includes pre-funded warrants.
CoastalSouth Bancshares (US, community bank) ─ $44m IPO. 2.04m shares (Primary, Secondary) at $21.50 versus $21.50-$23.50 marketing . PS, STPH. NYSE “COSO”. Uplisting from OTC . Downsized from 2.6m shares.
DeFi Development (US, crypto) ─ $112.5m 5y cvt at 5.5%, up 10% versus 5%-5.5% and 10%-15% marketing. CANT. Upsized from $100m. Concurrent $75.6m prepaid forward by investors to facilitate delta hedging. Wall cross.
EQV Ventures Acquistion II (Cayman Islands, SPAC) ─ $420m IPO. 42m units (Primary) at $10.00. Each unit comprises one share and one-third warrant. BTIG. NYSE “EVACU”. Upsized from $350m. EQV Group. Oil & gas. 24 months. 100% in trust.
Origin Investment I (Cayman Islands, SPAC) ─ $60m IPO. 6m units (Primary) at $10.00. Each unit comprises one share and one-half warrant. THNK. Nasdaq “ORIQU”. Origin Equity. Targets in Asia (ex-China). 21 months. 101% in trust.
Vendome Acquisition I (Cayman Islands, SPAC) ─ $200m IPO. 20m units (Primary) at $10.00. Each unit comprises one share and one-half warrant. DBORAL. Nasdaq “VNMEU”. Upsized from $150m. Paul Kessler, Diana Derycz-Kessler. Not defined. 24 months. 100% in trust.
Wednesday
Borr Drilling (Bermuda, offshore drilling) ─ $102.5m ABB. 50m shares (Primary) at $2.05 versus $2.11 last sale. DNB, CLRK, CITI, GS.
Raghsa (Argentina, real estate) - Ps33bn ($27m) IPO. 25.5m shares at Ps1,296 versus 23.8m-41.5m shares marketed at Ps907- Ps1,685. LATS.