Equities

IFR US ECM WEEKLY REVIEW

 |  Robert Sherwood

Weekly totals

Total*: $1.6bn – IPOs $286m– ABBs/Blocks $1.2bn – Follow-ons $0 – CBs $160m – SPACs $425m. 

*Ex SPACs.

Pricings

Monday

Almonty Industries (Canada, mining) ─ $90m Nasdaq IPO. 20m shares (Primary) at $4.50. OPCO, CANT. Nasdaq “ALM”. Upsized from $75m. Priced relative to C$7.82 ($5.71) last sale reference price on the TSX (AII.TO). Priced pre-market open July 14. Delayed from July 10. 

Silver Pegasus Acquisition (Cayman Islands, SPAC) ─ $100m IPO. 10m units (Primary) at $10.00. Each unit comprises one share and one-tenth right. ROTH. Nasdaq “SPEGU”. Cesar Johnston. Semiconductors. 18 months. 100% in trust. 

Tuesday 

Aura Minerals (Canada, mining) ─ $196.4m Nasdaq IPO. 8.1m shares (Primary) at $24.25 versus C$35.42 ($25.81) TSX closing reference price. BOFA, GS, BTG, ITAU. Nasdaq “AUGO”. TSX-listed shares trade under the symbol “ORA.TO”.  

Solarius Capital Acquisition (US, SPAC) ─ $150m IPO. 15m units (Primary) at $10.00. Each unit comprises one share and one-half warrant. STFL. Nasdaq “SOCAU”. Richard Haywood/Anthony DeLuca. No defined target. 21 months. 100.5% in trust. 

Wednesday 

MP Materials (US, rare earth minerals) ─ $650m ABB. 11.8m shares (Primary) at $55.00 versus $54.50-$56.00 marketing and $58.55 last sale. JPM, GS, MS. Wall cross. Upsized from $500m. 

Pyrophyte Acquistion II (Cayman Islands, SPAC) ─ $175m IPO. 17.5m units (Primary) at $10.00. Each unit comprises one share and one-half warrant. UBS. NYSE “PAII.U”. Bernard Duroc-Danner. Renewable energy. 24 months. 100% in trust. 

Starwood Property Trust (US, mortgage REIT) ─ $507.7m ABB. 25.5m shares (Primary) at $19.91 versus $19.91-$20.33 marketing and $20.85 last sale. BOFA, WF. Wall cross. Partial funding for $2.2bn acquisition of net lease properties from Brookfield Asset Management. 

Thursday 

BlackSky Technology (US, aerospace & defense) ─ $160m 8y, put-five cvt at 8.25%, up 30% versus 8.125%-8.625% and 25%-30% marketing. OPCO. Upsized from $125m. Using proceeds to fully repay and terminate $103.1m and $10.2m term loan and revolving credit facility. 

Topics
Equity Capital Americas Initial Public Offerings (IPO) North America United States ABBs and Block Trades US Dollar Marketed Follow-Ons
Issuers
MP Materials Corp (MP.N) Starwood Property Trust Inc (STWD.N) Blacksky Technology Inc (BKSY.N) Pyrophyte Acquisition Corp (PHYTF.PK) Aura Minerals Inc (ORA.TO)