IFR US ECM Weekly Review
Weekly totals
Total*: $20.7bn – IPOs $4.5bn – ABBs/Blocks $2.8bn – Follow-ons $3.2bn – CBs $10.3bn – SPACs $665m – International**$515m.
*Ex SPACs/International **In US dollars.
Pricings
Monday
BRP (Canada, recreational products) ─ C$136m Bought deal. 1.5m shares (secondary) at C$90.71 versus C$94.25 last sale. BMO. Bain Capital is the selling shareholder.
Fox (US, media) ─ $913.3m Block. 16.8m shares (Secondary) at $54.25 versus $54.25-$56.25 marketing and $56.81 last sale. MS. Rupert Murdoch estate is the selling shareholder. Downsized from 16.9m shares.
Kodiak Gas Services (US, oilfield services) – $344m Block. 10m shares (Secondary) at $34.40 versus $34.40-$35.32 marketing and $35.32 last sale. GS. EQT is the selling shareholder. Priced pre-market open Monday.
News Corp (US, media) ─ $456.6m Block. 14.1m shares (Secondary) at $32.45 versus $32.45-$33.65 marketing and $33.97 last sale. MS. Rupert Murdoch estate is the selling shareholder. Downsized from 14.2m shares.
Norwegian Cruise Line (US, travel and leisure) – $1.3bn 5y exch priced at 0.75%, up 40% versus 0.5%-1% and 37.5%-42.5% marketing. JPM, CITI, GS. Upsized from $1.2bn. Concurrent registered direct offering and $2.05bn straight debt sale. Combined proceeds being used to tender for debt maturing in 2026 and 2027.
Ondas (US, aerospace & defense) ─ $200m ABB. 40m shares (Primary) at $5.00 versus $6.06 last sale. OPCO, STFL. Priced pre-market open Tuesday 9/9. Conducted as underwritten registered direct off earlier wall-cross.
Talon Capital (US, SPAC) ─ $225m IPO. 22.5m units (Primary) at $10.00. COHEN. Nasdaq “TLNCU”. Each unit comprises one share and one-third warrant. Charles Leykum. Energy. 24 months. 100% in trust.
Wix.com (Israel, web development) – $1bn 5y cvt priced 0%, up 37.5% versus 0% fixed and 30%-35% marketing. MS, JPM. Upsized from $750m. Concurrent $75m share repurchase. Capped call to $267.89, a 75% premium.
Tuesday
Alnylam (US, pharmaceuticals) ─ $575m 3y cvt priced at 0%, up 40% versus 0%-0.5% and 32.5%-37.5% marketing. GS, BOFA, JPM, WF. Upsized from $500m. Capped call to $837.61, a 75% premium. Concurrently bought back a portion of $1.035bn principal 1% CB due 2027.
Amylyx Pharmaceuticals (US, biotech) ─ $175m ABB. 17.5m shares (Primary) at $10.00 fixed price versus $10.51 last sale. LEER, GUGG. Upsized from $75m. Wall cross.
Dianthus Therapeutics (US, biotech) ─ $250.8m FO. 7.6m shares (Primary) at $33.00 versus $35.57 last sale and $31.80 at launch. JEFF, EVER, TDC, STFL. Upsized from $150m. Includes pre-funded warrants.
Gladstone Capital (US, BDC) ─ $130m 5y cvt priced at 5.875%, up 10% versus fixed 5.875% and 10% marketing. OPCO. 98.5 OID. Wall cross. Upsized from $110m.
Klarna (UK, fintech) ─ $1.37bn IPO. 34.3m shares (Primary, Secondary) at $40.00 versus $35-$37 marketing. GS, JPM, MS. NYSE “KLAR”. Secondary sellers led by Heartland AS, Silver Lake and Mubadala Capital.
Nio (China, EV manufacturing) ─ $1.01bn ABB. 181.8m shares (Primary) at $5.57 versus $5.50-$5.71 marketing and $6.28 last sale. MS, UBS, DB. Priced pre-market open Wednesday.
Planet Labs (US, satellite mapping) ─ $400m 5y cvt priced at 0.5%, up 32.5% versus 0.625%-1.125% and 27.5%-32.5% marketing. BARC, GS. Upsized from $300m. Capped call to $18.04, a 100% premium.
Rapport Therapeutics (US, biotech) ─ $250m FO. 9.6m shares (Primary) at $26.00 versus $28.03 last sale and $31.47 at launch. GS, JEFF, TDC, STFL.
Trailblazer Acquisition (US, SPAC) ─ $240m IPO. 24m units (Primary) at $10.00. Each unit comprises one share and one-third warrant. CANT. Nasdaq “BLZRU”. Upsized from 20m units. Eric Semler. TMT/sports entertainment/retail. 24 months. 100% in trust.
Wednesday
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.
Thursday
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 component of 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.