IFR US ECM WEEKLY REVIEW
Weekly totals
Total*: $7.1bn – IPOs $2.7bn – ABBs/Blocks $2bn – Follow-ons $1bn – CBs $1.5bn – International** $818m.
*Ex International. **In US dollars.
Pricings
Monday
Simmons First National (US, regional banks) ─ $300m ABB. 16.2m shares (Primary) at $18.50 versus $18.25-$18.50 marketing and $20.08 last sale. STPH, KBW, MS. Upsized from $250m. Wall cross.
Tuesday
Carlsmed (US, medical devices) ─ $100.5m IPO. 6.7m shares (Primary) at $15.00 versus $14-$16 marketing. BOFA, GS, PS. Nasdaq "CARL". Backed with $31m of upfront demand from B Capital Group and US Venture Partners.
NIQ Global Intelligence (US, market research) ─ $1.05bn IPO. 50m shares (Primary) at $21.00 versus $20-$24 marketing. JPM, BOFA, UBS, BARC, RBC. NYSE “NIQ”. Advent International is providing shares for the greenshoe. 5% DSP.
Pharvaris (Netherlands, biotech) ─ $175m ABB. 8.8m shares (Primary) at $20.00 fixed price versus $23.12 last sale. MS, LEER, OPCO, CANT, VLK. Upsized from $150m.
Wednesday
Abivax (France, biotech) ─ $650m ABB. 10.2m shares (Primary) at $64.00 versus $62.50-$65.00 marketing and $68.60 last sale. LEER, PS, GUGG. Upsized from $400m. Wall cross.
Accelerant (US, insurance exchange) ─ $723.7m IPO. 34.5m shares (Primary, Secondary) at $21.00 versus $18-$20 marketing. MS, GS, BMO, RBC. Upsized from 28.9m shares. Altamont Capital is among the selling shareholder. 5% DSP.
Fibra Next (Mexico, warehouse REIT) ─ Ps7.73bn ($408m) IPO. 76m shares (Primary) at Ps 100. BOFA, BBVA, BTG, GS. Downsized from 80m shares.
GO Residential Real Estate Investment Trust (Canada, residential REIT) ─ $410.3m IPO. 27.4m shares (Primary) at $15.00 fixed price. CIBC, BMO. Cohen & Steers invested $90m in concurrent private placement.
Karman (US, aerospace & defense) ─ $1bn FO. 21m shares (Secondary) at $49.00 versus $49.10 last sale and $56.22 at launch. CITI, EVER, BAIRD, RBC, WBLR. Upsized from 20m shares. Trive Capital is the selling shareholder.
Mara (US, crypto miner) ─ $950m 7y, put-4.5y cvt priced at 0%, up 17.5% versus fixed 0% coupon and 15%-25% marketing. MS, BARC. Upsized from $850m. Repurchase $19.4m principal of 1% CB due in 20226. Capped call to $24.14, a 40% premium. Reference priced based on $17.24 VWAP from 2:00pm-4:00pm ahead of pricing.
McGraw Hill (US, online education) ─ $414.6m IPO. 24.4m shares (Primary) at $17.00 versus $19-$22. GS. NYSE “MH”. Platinum Equity is providing shares for the greenshoe.
Thursday
Absci (US, biotech) ─ $50m ABB. 16.7m shares (Primary) at $3.00 versus $3.00-$3.25 marketing and $3.51 last sale. MS, JPM, JEFF, TDC. Wall cross.
ADT (US, home security) ─ $594.3m Block. 71m shares (Secondary) at $8.37 fixed price versus $8.67 last sale. BARC, CITI, MS, GS, BTIG. Apollo Global Management is the selling shareholder. Company bought back 11m shares sold in the offering.
AST SpaceMobile (US, telecom) ─ $500m 7.25y cvt at 2.375%, up 20% versus fixed marketing. UBS, BARC. Concurrent registered direct offering (5.8m at $60.06) being exchanged for $135m principal of 4.25% CB due 2032. Capped call. Wall cross.
Netstreit (US, net lease REIT) ─ $191.2m ABB. 10.8m shares (Primary) at $17.70 versus $17.40-$17.99 marketing and $17.99 last sale. BOFA, WF. Upsized from 9m shares. Structured as a forward sale.