IFR US ECM Weekly Review
Weekly totals
Total*: $6.9bn – IPOs $0 – ABBs/Blocks $1.7bn – Follow-ons $450m – CBs $4.8bn – SPACs $400m.
*Ex SPACs.
Pricings
Tuesday
Avnet (US, electronics distributor) ─ $550m 5y cvt priced at 1.75%, up 35% versus 1.75%-2.25% and 30%-35% marketing. JPM, BNPP. Upsized from $500m. Concurrent $100m share repurchase.
CommVault Systems (US, software) ─ $785m 5y cvt priced at 0%, up 32.5% versus 0%-0.5% and 27.5%-32.5% marketing. JPM, MS, BOFA. Upsized from $750m Concurrent $117.7m share repurchase. Capped call to $357.56, a 100% premium.
Hamilton Lane (US, asset management) ─ $78.1m ABB. 528,705 shares (Secondary) at $147.65 versus $147.65-$149.65 marketing and $150.65 last sale. BOFA.
Lyft (US, ridesharing) ─ $450m 5y cvt priced at 0%, up 40% versus 0%-0.25% and 32.5%-37.5% marketing. GS, JPM, BOFA, RBC. Concurrent $95.7m share repurchase. Capped call to $33.60, a 100% premium.
Mineralys Therapeutics (US, biotech) ─ $250m ABB. 9.8m shares (Primary) at $25.50 versus $25.00-$27.00 marketing and $28.86 last sale. BOFA, EVER, GS, STFL, WF. Upsized from $175m. Wall cross.
Nova (US, semiconductors) ─ $650m 5y cvt priced at 0%, up 35% versus fixed coupon and 30%-35% marketing. BOFA, MS, BARC. Upsized from $500m. Capped call to $415.03, a 75% premium.
Wednesday
Bruker (US, life sciences tools) ─ $600m 3y mand cvt pfd priced at 6.375% div, up 22.5% versus 6.25%-6.75% and 17.5%-22.5% marketing. JPM, BOFA. Using proceeds to repay bank debt.
Centuri (US, infrastructure services) ─ $536.3m ABB. 27.4m shares (Secondary) at $19.60 versus $19.15-$19.75 marketing and $20.55 last sale. JPM. Wall cross. Exit trade for selling shareholder Southwest Gas. Carl Icahn affiliates indicated for up to 2.87m shares sold in the offering.
Customers Bancorp (US, regional bank) ─ $150m ABB. 2.2m shares (Primary) at $68.50 versus $67.00-$69.00 marketing and $72.43 last sale. MS, KBW, RJ.
dLocal (Uruguay, payments) ─ $191.3m ABB. 15m shares (Secondary) at $12.75 versus $12.50-$13.00 marketing and $13.93 last sale. JPM, GS, MS, BTG, CITI. Wall cross. General Atlantic is the selling shareholder.
Dole (Ireland, branded foods) ─ $157.9m Block. 11.9m shares (Secondary) at $13.25 versus $13.25-$13.75 marketing and $14.73 last sale. GS. Castle Cooke/Murdock Group are the selling shareholders.
GSR IV Acquisition (US, SPAC) ─ $200m IPO. 20m units (Primary) at $10.00. KGSW, BENCH. Nasdaq “GSRFU”. Each unit comprises one share and one-seventh right. Gus Garcia/Lewis Silberman. No defined target. 18 months. 100% in trust.
Impinj (US, semiconductors) ─ $170m 4y cvt priced at 0%, up 37.5% versus fixed zero-percent coupon and 30%-35% marketing. JEFF, UBS. Upsized from $150m. Concurrently bought back a portion of $287.5m principal 1.125% CB due 2027. Capped call to $340.32, a 75% premium.
Lumentum (US, networking equipment) ─ $1.1bn 6.5y cvt priced at 0.375%, up 40% versus 0.5%-1% and 35%-40% marketing. GS, MIZU, JEFF, MS, EVER. Using $843.8m to buy back $581m of $1.05bn principal 0.5% CB due 2026. Capped call to $268.24, a 100% premium.
Sotera Health (US, medtech) ─ $307m Block. 20m shares (Secondary) at $15.35 versus $15.20-$15.98 marketing and $15.98 last sale. GS. Warburg Pincus and GTCR are the selling shareholders.
Spring Valley Acquisition III (US, SPAC) ─ $200m IPO. 20m units (Primary) at $10.00. COHEN, CLRST. Nasdaq “SVACU”. Upsized from $150m. Chirstopher Sorrells. Natural resources/renewables. Each unit comprises one share and one-third warrant. 24 months 100% in trust.
Thursday
JBT Marel (US, food processing equipment) ─ $500m 5y cvt priced at 0.375%, up 32.5% versus 0.5%-1% and 27.5%-32.5% marketing. GS, WF. Pre-funding 0.25% CB maturity in May 2026. Capped call to $283.42, a 100% premium.
Smithfield Foods (US, food processing) ─ $454.1m FO. 19.5m shares (Secondary) at $23.25 versus $24.24 last sale and $25.51 at launch. MS, BOFA, BARC. GS, CITI, BNPP. Upsized from 16m shares. WH Group is the selling shareholder. WH chairman Long Wan indicated for 1.8m shares sold in the offering.