IFR US ECM Pricings
Alibaba (Hong Kong, ecommerce) ─ $3.2bn 7y cvt priced at 0%, up 31.25% versus 0% fixed and 27.5%-32.5% marketing. BARC, CITI, HSBC, JPM, MS, UBS. Capped call to $235.46, a 60% premium to Hong Kong listing reference. Reg S placement.
Avidity Biosciences (US, biotech) ─ $600m FO. 15m shares (Primary) at $40.00 versus $41.04 last sale and $46.40 at launch. LEER, JPM, TDC, CANT, WF. Upsized from $500m.
Black Rock Coffee Bar (US, retailer) ─ $294.1m IPO. 14.7m shares (Primary) at $20.00 versus $16-$18 marketing. JPM, JEFF, MS, BAIRD. Nasdaq “BRCB”. Wellington Management indicated for $30m of the offering. 5% DSP.
Camtek (Israel, semiconductor equipment) ─ $425m 5y cvt priced at 0%, up 30% versus 0% fixed and 30%-35% marketing. MS, GS. Upsized from $400m.
Carcetti Capital (Canada, gold mining) ─ C$575m ($414m) Bought deal. 287.5m subscription receipts (Primary) at C$2.00 versus C$0.82 common stock last sale. SCOT. Funding for C$875m cash requirement for C$1.1bn purchase of Hemlo Gold Mine from Barrick Mining.
Gemini Space Station (US, crypto exchange) ─ $425.6m IPO. 15.2m shares (Primary) at $28.00 versus $24-$26 marketing. GS, CITI, MS, CANT. Nasdaq “GEMI”. 10% DSP. Downsized from 16.7m shares. Nasdaq investing up to $50m through a concurrent private placement. Price range increased from $17-$19 at launch.
Legence (US, industrial) ─ $728m IPO. 26m shares (Primary) at $28.00 versus $25-$29 marketing. GS, JEFF. Nasdaq “LGN”. 5% DSP. Greenshoe option of 3.9m shares 100% primary after Blackstone withdrew secondary allotment of 742,192 shares ahead of pricing.
OTG Acquisition (US, SPAC) ─ $200m IPO. 20m units (Primary) at $10.00. NORTH, LAKE. Nasdaq “OTGAU”. Each unit comprises one share and one-half warrant. Scott Troeller. AI infrastructure. 24 months. 100.5% in trust.
Via Transportation (US, transportation software) ─ $492.9m IPO. 10.7m shares (Primary, Secondary) at $46.00 versus $40-$44 marketing. GS, MS, ALLN, WF. NYSE "VIA" Wellington Management indicated for $100m of the offering. 5% DSP.