IFR US ECM WEEKLY REVIEW
Weekly totals
Total*: $5.5bn – IPOs $1.4bn – ABBs/Blocks $3bn – Follow-ons $85m – CBs $1.1bn – SPACs $670m.
*Ex SPACs.
Pricings
Monday
Bakkt (US, cryptocurrencies) ─ $75m ABB. 7.5m shares (Primary) at $10.00 versus $17.17 last sale. CLRST, COHEN. Offering includes pre-funded warrants.
CenterPoint Energy (US, utility) ─ $900m 3y cvt at 3%, up 25% versus 2.75%- 3.25% and 25%-30% marketing. GS, WF, MS, RBC, BMO.
VeriSign (US, internet services) ─ $1.23bn ABB. 4.3m shares (Secondary) at $285.00 versus $285.00-$290.00 marketing and $305.98 last sale. JPM. Berkshire Hathaway is the selling shareholder. Wall cross.
Tuesday
A Paradise Acquisition (British Virgin Islands, SPAC) ─ $200m IPO. 20m units (Primary) at $10.00. Each unit comprises one share and one-eighth right. COHEN. Nasdaq “APADU”. Claudius Tsang. Leisure and entertainment. 24 months. 100% in trust.
Ambiq Micro (US, semiconductors) ─ $96m IPO. 4m shares (Primary) at $24.00 versus $22-$25 marketing. BOFA, UBS, NEED, STFL. NYSE “AMBQ”. Upsized from 3.4m shares. Proceeds include fully exercised greenshole.
Celcuity (US, biotech) ─ $85m FO. 2.2m shares (Primary) versus $37.24 at launch. JEFF, TDC, LEER. Includes pre-funded warrants. Upsized from $75m. Concurrent $175m offering of 6y cvt upsized from $150m at launch.
Celcuity (US, biotech) ─ $175m 6y cvt at 2.75%, up 35% versus 3%-3.5% and 25%-30%. JEFF, TDC, LEER. Upsized from $150m. Concurrent upsized $75m follow-on offering. Company opted not to enter capped call transaction at pricing.
Larimar Therapeutics (US, biotech) ─ $60m ABB. 18.8m shares (Primary) at $3.20 versus $3.20-$3.40 marketing and $3.53 last sale. LEER, GUGG, TRST, WBLR. Wall cross.
SoFi Technologies (US, consumer finance) ─ $1.5bn Block. 71.9m shares (Primary) at $20.85 versus $20.85-$21.50 marketing and $22.40 last sale. GS, CITI, MIZU.
Wednesday
D Boral Arc Acquisition I (BVI, SPAC) ─ $250m IPO. 25m units (Primary) at $10.00. Each unit comprises one share and one-half warrant. DBORAL. Nasdaq “BCARU”. David Boral/John Darwin. Not defined. 18 months. 100% in trust.
Figma (US, digital design software) ─ $1.22bn IPO. 36.9m shares (Primary, Secondary) at $33.00 versus $30-$32 marketing. MS, GS, ALLN, JPM. NYSE “FIG”. Price range increased from $25-$28 on 7/28.
Prime Medicine (US, biotech) ─ $125.4m ABB. 38m shares (Primary) at $3.30 versus $3.25-$3.50 marketing and $3.92 last sale. TDC, BMO. Upsized from $100m. Wall cross.
Shoulder Innovations (US, medical devices) ─ $75m IPO. 5m shares (Primary) at $15.00 versus $19-$21 marketing. MS, GS, PS. NYSE "SI".
Thursday
HCM III Acquisition (US, SPAC) ─ $220m IPO. 22m units (Primary) at $10.00. Each unit comprises one share and one-third warrant. CANT. Nasdaq “HCMAU”. Shawn Matthews. Fintech. 24 months. 100% in trust.