IFR US ECM WEEKLY REVIEW
Weekly totals
Total*: $10.4bn – IPOs $1.5bn – ABBs/Blocks $3bn – Follow-ons $1.8bn – CBs $4.1bn – SPACs $350m.
*Ex SPACs.
Pricings
Monday
DigitalOcean (US, IT services) ─ $550m 5y cvt priced at 0%, up 32.5% versus 0%-0.5% and 30%-35% marketing. MS, JPM, BOFA. Upsized from $500m. Capped call to $66.51 a 125% premium. Concurrent $500m term loan. Concurrently buying back $1.18bn of $1.5bn principal 0% CB maturing in 2026 for $1.13bn.
Highview Merger (US, SPAC) ─ $200m IPO. 20m units (Primary) at $10.00. JEFF. Nasdaq “HVMCU”. Each unit comprises one share and one-half warrant. David Boris. North America/Western Europe. 24 months. 100% in trust.
Ligand Pharmaceuticals (US, drug royalties) ─ $400m 5y cvt priced at 0.75%, up 32.5% versus 0.75%-1.25% and 27.5%-32.5% marketing. CITI, BOFA, STFL. Concurrent $15m share repurchase. Capped call to $294.02, a 100% premium.
McKinley Acquisition (US, SPAC) ─ $150m IPO. 15m units (Primary) at $10.00. CLRST. Nasdaq “MKLY.U”. Each unit comprises one share and one-tenth right. McKinley Partners. Technology. 18 months. 100% in trust.
Upstart (US, fintech) ─ $600m 6.5y cvt priced at 0%, up 30% versus 0%-0.5% and 27.5%-32.5% marketing. GS, BARC, CITI. Upsized from $500m. Capped call to $126.92, a 100% premium. Concurrently buying back $232.6m of principal 0.25% CB maturing 2026 for $224.4m.
WisdomTree (US, asset mgmt) ─ $475m 5y cvt priced at 4.625%, up 45% versus 4.625%-5.125% and 40%-45% marketing. OPCO. Upsized from $400m, includes fully exercised $60m shoe. Using $275m to fund Ceres acquisition, $37m to buy back $24m of 5.75% CB due 2028, $90m to buy back stock. Wall cross.
Tuesday
Bullish (Cayman Islands, crypto exchange) ─ $1.1bn IPO. 30m shares (Primary) at $37.00 versus $32-$33 marketing. JPM, JEFF, CITI. NYSE “BLSH”. Ark Investment Management and BlackRock indicated for $200m of offering. Refiled from 20.3m shares at $28-$31 on 8/4.
CareTrust REIT (US, healthcare REIT) ─ $640m ABB. 20m shares (Primary) at $32.00 versus $31.70-$32.70 marketing and $32.99 last sale. JPM, BOFA, RBC. Upsized from 15.5m shares.
Compass Therapeutics (US, biotech) ─ $120m ABB. 40m shares (Primary) at $3.00 versus $3.00 fixed price marketing and $3.17 last sale. JEFF, PS, GUGG. Upsized from $100m. Wall cross. Includes pre-funded warrants.
Denison Mines (Canada, uranium mining) ─ $300m 6y cvt at 4.25%, up 35% versus 4.25%-4.75% and 30%-35% marketing. CANT, SCOT. Upsized from $250m. Wall cross. Capped call to $4.32, a 100% premium.
Hilton Grand Vacations (US, hotels) ─ $302.1m Block. 7m shares (Secondary) at $43.15 versus $43.15-$43.65 marketing and $44.97 last sale. WF, DB, BARC. Apollo is the selling shareholder. Company is buying back up to $40m of shares sold in the offering.
Ondas (US, aerospace & defense) ─ $150m ABB. 46.2m shares (Primary) at $3.25 versus $4.29 last sale. OPCO. Upsized from $125m. Wall cross.
ProFrac (US, oilfield services) ─ $75m ABB. 18.8m shares (Primary) at $4.00 versus $4.00-$4.50 marketing and $6.32 last sale. JPM, PS. Controlling shareholders Dan Wilks and Farris Wilks indicated for $20m of offering.
SPX Technologies (US, HVAC equipment) ─ $500m FO. 2.7m shares (Primary) at $188.00 versus $191.17 last sale and $200.51 at launch. BOFA, JPM, WF, TDC, TRST.
TSS (US, AI infrastructure) ─ $51m ABB. 3m shares (Primary) at $17.00 versus $18.60 last sale. LUCID.
Wednesday
Centrus Energy (US, uranium processing) ─ $700m 7y cvt priced at 0%, up 22.5% versus 0% fixed and 17.5%-22.5% marketing. BOFA, JPM, EVER. Upsized from $650m.
Euronet Worldwide (US, fintech) ─ $850m 5y cvt priced at 0.625%, up 30% versus 0.5%-1% and 27.5%-32.5% marketing. WF, BOFA, HSBC, RBC. Company is buying back $131.3m of common stock. Capped call to $180.78, an 85% premium.
Highview Merger (US, SPAC) ─ $230m IPO. 23m units (Primary) at $10.00. JEFF. Nasdaq “HVMC”. Each unit comprises one share and one-half warrant. David Boris/Taylor Rettig. No defined target. 24 months. 100% in trust.
Intuitive Machines (US, aerospace & defense) ─ $300m 5y cvt priced at 2.5%, up 25% versus 2.25%-2.75% and 22.5%-27.5% marketing. CANT, DB, STFL. Upsized from $250m. Capped call to $20.98, a 100% premium.
Klaviyo (US, software) ─ $196.4m Block. 6.5m shares (Secondary) at $30.22 versus $30.22 fixed price marketing and $31.48 last sale. BARC. Summit Partners is the selling shareholder.
Latam Airlines (Chile, airlines) ─ $766.8m Block. 18m shares (Secondary) at $42.60 versus $42.40-$43.00 marketing and $44.75 last sale. JPM, BARC. Upsized from 15m shares. Wall cross.
Miami International (US, electronic trading) ─ $345m IPO. 15m shares (Primary) at $23.00 versus $19-$21 marketing. JPM, MS, PS. NYSE “MIAX”. Wellington Management has indicated for $40m of the offering.
Solventum (US, healthcare supplies) ─ $648.1m Block. 8.8m shares (Secondary) at $73.65 versus $73.65-$74.48 marketing and $74.38 last sale. GS, BOFA. 3M is the selling shareholder.
Thursday
Circle Internet (US, stablecoin) ─ $1.3bn FO. 10m shares (Primary, Secondary) at $130.00 versus $139.23 last sale and $163.21 at launch. JPM, CITI, GS.
Unitil (US, utilities) ─ $65m ABB. 1.4m shares (Primary) at $46.65 versus $46.15-$47.15 marketing and $49.12 last sale. WF, SCOT, JMS. Wall cross.