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IFR US ECM Pricings

 |  Robert Sherwood

Airo Group (US, military drones) ─ $77.7m FO. 4.2m shares (Primary, Secondary) $18.50 versus $19.42 last sale and $20.50 at launch. CANT, BTIG, MIZU.

Astronics (US, defense contractor) ─ $210m 5.5y cvt  priced at 0%, up 25% versus fixed talk. HSBC, TDC, KEYB. Reference price of $43.8794 based on full-day VWAP. Capped call to $87.79, a 100% premium to reference. Wall cross. Bought back a portion of $165m principal 5.5% CB due 2030. 

Enovix (US, batteries) ─ $300m 5y cvt priced at 4.75%, up 22.5% versus 4.5%-5% and 22.5%-27.5% marketing. TDC, BOFA, CANT, OPCO, WBLR. Capped call to $18.30, a 100% premium.

Figure Technology Solutions (US, fintech) ─ $787.5m IPO. 31.5m shares (Primary) at $25.00 versus $20-$22 marketing. GS, JEFF, BOFA. Nasdaq “FIGR”. Stanley Druckenmiller’s family office indicated for $50m of the offering. 5% DSP. Revised from 26.3m shares at $18-$20 on 9/9. 

Holley (US, auto parts) ─ $38.5m FO. 14m shares (Secondary) at $2.75 versus $2.99 last sale and $3.67 at launch. JPM, JEFF. Wall cross. Sentinel Capital Partners is the selling shareholder. 

LB Pharmaceuticals (US, biotech) ─ $285m IPO. 19m shares (Primary) at $15.00 versus $14-$16 marketing. LEER, PS, STFL. Nasdaq "LBRX". Upsized from 16.5m shares. 

Nebius (Netherlands, AI infrastructure) ─ $1bn FO. 10.8m shares (Primary) at $92.50 versus $93.39 last sale and at $95.72 launch. GS, MS, BOFA, CITI. Wall cross. Concurrent $1.375bn offerings of CBs due in 2030 and 2032. Formerly Yandex. 

Nebius (Netherlands, AI infrastructure) ─ $1.4bn 5y cvt priced at 1%, up 50% versus 1.25%-1.75% and 45%-50% marketing. GS, MS, BOFA, CITI. Upsized from $1bn. Wall cross. Concurrent $1bn offerings of common stock and $1.375bn CB due 2032. Formerly Yandex. 

Nebius (Netherlands, AI infrastructure) ─ $1.4bn 7y cvt priced at 2.75%, up 50% versus 2.75%-3.25% and 45%-50% marketing. GS, MS, BOFA, CITI. Wall cross. Concurrent $1bn offerings of common stock and $1.4bn CB due 2030. Formerly Yandex.

Waystar (US, health technology) ─ $709.2m Block. 18m shares (Secondary) at $39.40 versus $39.40-$40.50 marketing and $40.50 last sale. JPM. EQT, Bain Capital, Canada Pension Plan are the selling shareholders.