IFR US ECM Weekly Review
Weekly totals
Total*: $2.5bn – IPOs $1.2bn – ABBs/Blocks $518m – Follow-ons $0 – CBs $735m – SPACs $1.3bn – International** $511m.
*Ex SPACs and international deals. ** US dollars.
Pricings
Monday
BTC Development (US, SPAC) ─ $220m IPO. 22m units (Primary) at $10.00. COHEN, KBW. Nasdaq “BDCI”. Each unit comprises one share and one-fourth warrant. Betsy Cohen. Bitcoin. 24 months. 100% in trust.
Bain Capital GSS (US, SPAC) ─ $400m IPO. 40m units (Primary) at $10.00. CITI. NYSE “BCSS.U”. Each unit comprises one share and one-fifth warrant. Bain Capital. No defined target. 24 months. 100% in trust.
Bit Digital (US, cryptocurrency) ─ $135 5y cvt priced at 4%, up 30% versus 4%-4.5% and 25%-30% marketing. BARC, CANT, BRLY. Upsized from $100m. Wall cross.
StoneBridge Acquisition II (Cayman Islands, SPAC) ─ $50m IPO. 5m units (Primary) at $10.00. MAXM. Nasdaq “APACU”. Each unit comprised of one share and one-tenth right. Bhargav Marepally. APAC/EMEA. 18 months. 100% in trust.
Tuesday
AA Mission Acquisition II (Cayman Islands, SPAC) – $100m IPO. 10m units (primary) at $10.00. CLST. NYSE “YCY.U”. Each unit comprises one share and one-half warrant. Qing Sun. Chinese food and beverage. 18 months. 100% in trust.
AAR (US, aerospace & defense) ─ $249m ABB. 3m shares (Primary) at $83.00 versus $81.00-$86.00 marketing and $89.67 last sale. GS, JEFF, RBC. Wall cross.
Enanta Pharmaceuticals (US, biotech) ─ $65m ABB. 6.5m shares (Primary) at $10.00 versus $10.00-$10.50 marketing and $11.97 last sale. JPM, JEFF, EVER. Upsized from $50m. Wall cross.
Energy Fuels (US, uranium/rare earth minerals miner) ─ $600m 6y cvt priced at 0.75%, up 32.5% versus 0.75%-1.25% and 27.5%-32.5% marketing. GS. Upsized from $550. Capped call to $30.70, a 100% premium.
Fermi (US, hyperscaler power generation) ─ $682.5m IPO. 32.5m shares (Primary) at $21.00 versus $18-$22 marketing. UBS, EVER, CANT, MIZU. Upsized from 25m shares on 9/29. Dual listing on Nasdaq and LSE under symbol “FRMI”. 5% DSP.
Neptune Insurance (US, insurtech) ─ $368.4m IPO. 18.4m shares (Secondary) at $20.00 versus $18-$20 marketing. MS, JPM, BOFA. NYSE “NP”. T Rowe Price and Alliance Bernstein indicated for $75m combined of the offering.
Pague Menos (Brazil, pharmacy chain) ─ R$243.5m ($45m) FO. 69.6m (Primary, Secondary) R$3.50 versus R$3.60 last sale and R$3.57 at launch. ITAU, BTG, BRAD, XP. Selling shareholder General Atlantic contributing another 10m shares to the greenshoe.
Rice Acquisition 3 (US, SPAC) ─ $300m IPO. 30m units (Primary) at $10.00. BARC, JEFF. NYSE “KRSP.U”. Upsized from $250m. Each unit comprises one share and one-fourth warrant. Rice Investment Group/Mercuria. Energy. 24 months. 100% in trust.
Wednesday
Collective Mining (Canada, gold) ─ C$125m ($90m) Bought deal. 6.6m shares (Primary) at $19.00 versus $17.97 last sale and $17.97 at launch. BMO, SCOT. Upsized from 5.27m shares.
Commercial Bancgroup (US, commercial bank) ─ $172.2m IPO. 7.2m shares (Primary, Secondary) at $24.00 versus $25.75-$27.75 marketing. HOVD. Nasdaq "CBK". Upsized from 3.7m shares. 5% DSP.
NexGen Energy (Canada, renewable energy) ─ C$400m ($286m) Bought deal. 12.1m shares (Primary) at C$12.08 versus C$12.65 last sale. BOFA. Concurrent Upsized A$600m offering of ASX Chess Receipts.
Skeena Resources (Canada, gold) ─ C$125m ($90m) Bought deal. 5.2m shares (Primary) at $24.00 versus $23.02 last sale and $23.02 at launch. BMO.
Thursday
Range Capital Acquisition II (US, SPAC) – $200m IPO. 20m units (Primary) at $10.00. BTIG. Nasdaq “RNTGU”. Each unit comprises one share and one-half warrant. Timothy Rotolo. No defined target. 24 months 100% in trust.
Uranium Energy (US, uranium refining) ─ $203.8m Block. 15.5m shares (Primary) at $13.15 versus $13.15-$13.68 marketing and $13.68 last sale. GS. Priced pre-market open on 10/3.