IFR US ECM Calendar
September 11: Alibaba (Hong Kong, ecommerce) ─ $3.2bn 7y cvt marketed at 0% fixed coupon and 27.5%-32.5% conversion premium. BARC, CITI, HSBC, JPM, MS, UBS. Capped call to 60% off Hong Kong listing reference. Reg S placement.
September 11: Avidity Biosciences (US, biotech) ─ $500.0m FO. Fixed size (Primary) versus $46.36 at launch. LEER, JPM, TDC, CANT, WF.
September 11: Black Rock Coffee Bar (US, retailer) ─ $264.7m IPO. 14.7m shares (Primary, Secondary) at $16-$18. JPM, JEFF, MS, BAIRD. Nasdaq “BRCB”. Wellington Management has indicated for $30m of the offering. 5% DSP.
September 11: Gemini Space Station (US, crypto exchange) ─ $316.7m IPO. 16.7m shares (Primary) at $17-$19. GS, CITI, MS, CANT. Nasdaq “GEMI”. 10% DSP. Nasdaq has agreed to purchase up to $50m of additional shares in a concurrent private placement.
September 11: Legence (US, industrial) ─ $754m IPO. 26m shares (Primary) at $25-$29. GS, JEFF. Nasdaq “LGN”. 5% DSP. Blackstone Group is providing secondary shares for the greenshoe.
September 11: Via Transportation (US, transportation software) ─ $471.4m IPO. 10.7m shares (Primary, Secondary) at $40-$44. GS, MS, ALLN, WF. NYSE "VIA" Wellington Management has indicated for $100m of the offering. 5% DSP.
Week of September 15
September 16: StubHub (US, ticket exchange) – $851.1m IPO. 34m shares (Primary) at $22-$25. JPM, GS. NYSE “STUB”. 5% DSP.
September 17: Netskope (US, cybersecurity software) ─ $812.6m IPO. 47.8m shares (Primary) at $15-$17. MS, JPM, BMO, TDC, CITZ, MIZU, WF, DB. Nasdaq “NTSK”.
September 18: Pattern Group (US, ecommerce software) ─ $321m IPO. 21.4m shares (Primary, Secondary) at $13-$15. GS, JPM, EVER, JEFF. Nasdaq “PTRN”.
September 18: WaterBridge Infrastructure (US, oilfield services) ─ $500m IPO. 27m shares (Primary, Secondary) at $17-$20. JPM, BARC, GS, MS, WF. NYSE/NYSE Texas “WBI”. 10% DSP.