IFR US ECM WEEKLY REVIEW
Weekly totals
Total*: $7.6bn – IPOs $1.4bn – ABBs/Blocks $3.3bn – Follow-ons $91m – CBs $2.8bn – SPACs $122m.
*Excludes SPACs.
Pricings
Monday
American Water Works (US, water utilities) ─ $1bn ABB. 7m shares (Primary) at $142.00 versus $141.85-$143.35 marketing and $146.92 last sale. WF, JPM, MIZU. Wall cross. Structured as a forward sale.
Tuesday
Armour Residential REIT (US, mortgage REIT) ─ $302.5m Block. 18.5m shares (Primary)at $16.35 versus $16.35-$16.80 marketing and $16.80 last sale. GS.
CCC Intelligent Solutions (US, software) ─ $296.7m Block. 30m shares (Secondary) at $9.89 versus $9.89-$9.97 marketing and $9.97 last sale. GS. Advent International is the selling shareholder.
Coinbase (US, crypto exchange) ─ $1.3bn 4y cvt priced at 0%, up 52.5% versus 0% fixed and 50%-55% marketing. JPM, CITI. Upsized from $1bn. Capped call to $595.98 a 100% premium. Concurrent upsized $1.3bn 7y CB.
Coinbase (US, crypto exchange) ─ $1.3bn 7y cvt priced at 0%, up 32.5% versus 0% fixed and 30%-35% marketing. JPM, CITI. Upsized from $1bn. Capped call to $595.98 a 100% premium. Concurrent upsized $1.3bn 4y CB.
Pitney Bowes (US, office equipment) ─ $200m 5y cvt priced at 1.25%, up 27.5% versus 1.25%-1.75% and 25%-30% marketing. BOFA, GS, TRST. Concurrent $61.9m share repurchase (downsized from up to $75m). Capped call to $22.36 a 100% premium. Wall cross.
Ramaco Resources (US, coal mining) ─ $200m ABB. 10.7m shares (Primary) at $18.75 versus $18.50-$19.50 marketing and $23.14 last sale. MS, GS. Upsized from $150m. Yorktown Partners is contributing secondary shares for the greenshoe.
Wednesday
Bowhead Specialty (US, specialty insurance) ─ $61.6m Block. 2m shares (Secondary) at $30.80 versus $30.80-$32.10 marketing and $32.10 last sale. RBC. GPC Partners is the selling shareholder.
Corebridge Financial (US, life insurance) ─ $1bn Block. 30m shares (Secondary) at $33.65 versus $33.55-$34.23 marketing and $34.23 last sale. MS. AIG is the selling shareholder.
Firefly Aerospace (US, aerospace & defense) ─ $868.5m IPO. 19.3m shares (Primary) at $45.00 versus $41-$43 marketing. GS, JPM, JEFF, WF. Nasdaq “FLY”. 5% DSP. Upsized from 16.2m shares. Price increased from $35-$39 on 8/4.
First Watch Restaurant (US, restaurants) ─ $89.5m Block. 5m shares (Secondary) at $17.90 versus $17.90-$18.40 marketing and $18.83 last sale. BARC, GS. Advent International is the selling shareholder.
Quantumsphere Acquisition (Cayman Islands, SPAC) ─ $72m IPO. 7.2m units (Primary) at $10.00. SPAC. Nasdaq “QUMSU”. Upsized from $60m. Whiteowl Capital. No defined target. Each unit comprises one share and one-seventh right. 18 months. 100% in trust.
Sana Biotechnology (US, biotech) ─ $75m ABB. 22.4m shares (Primary) at $3.35 versus $3.35-$3.75 marketing $4.25 last sale. MS, GS, BOFA, TDC. Wall cross. A portion of the offering was sold as prefunded warrants.
WhiteFiber (US, AI data centers) ─ $159.4m IPO. 9.4m shares (Primary) at $17.00 versus $15-$17 marketing. BRLY, NEED. Nasdaq “WYFI”. Upsized from 7.8m shares. Carve out from parent Bit Digital.
Thursday
Avidbank (US, commercial bank) ─ $60m IPO. 2.6m shares (Primary) at $23.00 versus $22-$24 marketing. PS, STPH. Nasdaq “AVBH”. Uplisting from OTC Pink Sheets listing under “AVBH” trading at $21.53 at filing.
Centuri (US, infrastructure services) ─ $292.5m ABB. 15m shares (Secondary) at $19.50 versus $19.25-$20.25 marketing and $21.20 last sale. JPM, WF, BOFA, MOLS. Carl Icahn purchased another 1.57m shares from selling shareholder Southwest Gas in a private placement.
Hagerty (US, specialty insurance) ─ $90.6m FO. 9.7m shares (Secondary) at $9.34 versus $9.34 last sale and $10.92 at launch. KBW, JPM. Upsized from 8.7m shares. The estate of former CEO Kim Hagerty is the selling shareholder.
Heartflow (US, medical devices) ─ $316.7m IPO. 16.7m shares (Primary) at $19.00 versus $17-$18 marketing. JPM, MS, PS. Nasdaq "HTFL". Upsized from 12.5m shares and revised from $15-$17 on 8/6.
Starry Sea Acquisition (US, SPAC) ─ $50m IPO. 5m units (Primary) at $10.00. AGP. Nasdaq “SSEAU”. Each unit comprises one share and one-sixth right. Guojian Zhang/ Yan Liang. Targets in China. 15 months. 100% in trust.