IFR US ECM Weekly Review
Weekly totals
Total*: $5.5bn – IPOs $0 – ABBs/Blocks $1.6bn – Follow-ons $870m – CBs $3bn – SPACs $900m – International** $144m.
*Ex SPACs. ** US dollars.
Pricings
Monday
Eupraxia Pharmaceuticals (Canada, biotech) ─ $70m ABB. 12.7m shares (Primary) at $5.50 versus $6.65 last sale. CANT, LSCI. Upsized from $50m. Wall cross.
Tuesday
Monopar Therapeutics (US, biotech) ─ $135m ABB. 2m shares (Primary) at $67.67 versus $67.67 last sale. MS, LEER, BARC. Includes pre-funded warrants. Company is using $35m to buy back shares from existing shareholder Tactic Pharma.
Vox Royalty (US, mineral royalties) ─ $55m ABB. 14.9m shares (Primary) at $3.70 versus $3.88 last sale. BMO, CANT, NBF.
Wednesday
BXP (US, office property REIT) ─ $850m 5y cvt priced at 2%, up 22.5% versus 1.875%-2.375% and 20%-25% marketing. MS, JPM, WF, TRST. Upsized from $600m. Capped call to $105.64, a 40% premium. Prefunding maturity of $1bn principal 2.75% notes due October 2026.
Blue Moon Metals (Canada, mining) ─ C$75m ($54m) Bought deal. 22.8m shares at C$3.30 versus C$3.65 last sale. SCOT, CGEN. Upsized from 18.2m shares.
Cohu (US, semiconductor equipment) ─ $260m 5.25y cvt priced at 1.5%, up 32.5% versus 1.5%-2% and 27.5%-32.5% marketing. JEFF, EVER, TDC. Upsized from $200m. Wall cross. Capped call to $41.02, a 100% premium.
Drugs Made in America Acquisition II (Cayman Islands, SPAC) ─ $500m IPO. 50m units (Primary) at $10.00. CANT. Nasdaq “DMIIU”. Each unit comprises one share and one-tenth right. Lynn Stockwell. Pharmaceuticals. 24 months. 100% in trust.
Emmis Acquisition (Cayman Islands, SPAC) ─ $100m IPO. 10m units (Primary) at $10.00. IBANK, IBC. Nasdaq “EMISU”. Each unit comprises one share and one-tenth right. IBNK, CBCS. Manufacturing services. 18 months. 100% in trust.
Hertz Global (US, car rental) ─ $375m 5y cvt priced at 5.5%, up 32.5% versus 5%-5.5% and 32.5% fixed marketing. JEFF, MS. Upsized from $250m. $125m three-year stock loan agreement with Pershing Square Capital. Company is buying back $300m of senior notes due 2025. Capped call to $13.94, a 100% premium.
Immuneering (US, biotech) ─ $175m ABB. 19m shares (Primary) at $9.23 versus $9.23 last sale. LEER, OPCO. Upsized from $125m. Wall cross. Sanofi purchased another $25m of stock in separate private placement.
KalVista Pharma (US, biotech) ─ $125m 6y cvt priced at 3.25%, up 30% versus 3.125%-3.375% and 30% fixed marketing. JEFF, TDC. Upsized from $110m.
LatAm Airlines (Chile, airlines) ─ $675.8m Block. 15.5m shares (Secondary) at $43.60 versus $43.60-$45.97 marketing and $45.97 last sale. GS, JPM. Strategic Value Partners is the selling shareholder.
MBX Biosciences (US, biotech) ─ $200m FO. 11.1m shares (Primary) at $18.00 versus $20.01 last sale and $20.00 at launch. JPM, JEFF, TDC, GUGG. Upsized from 10m shares.
PepGen (US, biotech) ─ $100m ABB. 31.25m shares (Primary) at $3.20 versus $3.05-$3.20 marketing and $2.66 last sale. LEER, STFL. Upsized from $75m.
Transocean (Switzerland, offshore drilling) ─ $381.3m ABB. 125m shares (Primary) at $3.05 versus $3.05-$3.30 marketing and $3.64 last sale. CITI, MS. Upsized from 100m shares.
Thursday
American Exceptionalism Acquisition (US, SPAC) ─ $300m IPO. 30m shares (Primary) at $10.00. SANT. NYSE “AEXA”. Share-only structure (no units). Chamath Palihapitiya. US technologies. 24 months. 100% in trust. Upsized from $250m.
Cipher Mining (US, cryptocurrencies) ─ $1.1bn 6y cvt priced at 0%, up 37.5% versus 0% fixed and 30%-35% marketing. MS. Upsized from $800m. Capped call to $23.32, a 100% premium
Interfor (Canada, forest products) ─ C$125m ($90m) Bought deal. 12.4m shares (Primary) at C$10.05 versus C$10.78 last sale. RBC, SCOT.
Mirion Technologies (US, medical devices) ─ $370m FO. 17.3m shares (Primary) at $21.35 versus $21.43 last sale and $21.97 at launch. GS, EVER, CITI, MS, BAIRD, TRST. Upsized from $350m.
Mirion Technologies (US, medical devices) ─ $325m 6y cvt priced at 0%, up 35% versus 0%-0.5% and 27.5%-32.5% marketing. GS, EVER, CITI, MS. Upsized from $250m. Capped call to $42.70, a 100% premium.
UniQure (Netherlands, biotech) ─ $300m FO. 6.3m shares (Primary) at $47.50 versus $52.65 last sale and $47.50 at launch. LEER, STFL, GUGG, VLK. Upsized from $200m. Includes pre-funded warrants.