IFR US ECM Weekly Review
Weekly totals
Total*: $5.2bn – IPOs $962m – ABBs/Blocks $1.1bn – Follow-ons $0 – CBs $3.2bn – SPACs $1.3bn – International** $655m.
*Ex SPACs and international deals. ** US dollars.
Pricings
Monday
AI Infrastructure Acquisition (US, SPAC) ─ $120m IPO. 12m units (Primary) at $10.00. MAXIM. NYSE “AIIAU”. Upsized from $100m. Each unit comprises one share and one-fifth right. Jet.AI founder Michael Winston. Not defined. 18 months. 100% in trust.
Lake Superior Acquisition (BVI, SPAC) ─ $100m IPO. 10m units (Primary) at $10.00. COHEN. Nasdaq “LKSPU”. Each unit comprises one share and one-seventh right. Lake Superior Investments. No defined target. 18 months. 100% in trust.
Solaris Energy Infrastructure (US, energy infrastructure) ─ $650m 5y cvt priced at 0.25%, up 30% versus 0%-0.5% and 27.5%-32.5% marketing. MS, GS, SANT. Upsized from $600m. Capped call to $88.00, a 100% premium. Concurrent $79.2m stock-loan facility.
Solaris Energy Infrastructure (US, energy infrastructure) ─ $79.2m ABB. 1.8m shares (Secondary) at $44.00 versus $43.75-$44.75 marketing and $46.75 last sale. MS. Stock-loan facility to facilitate delta hedging on concurrent $650m CB.
Tuesday
Esperion Therapeutics (US, biotech) ─ $75m ABB. 30m shares (Primary) at $2.50 versus fixed price marketing and $3.10 last sale. PS, CANT. Wall cross.
Joby Aviation (US, EV aircraft) ─ $513.9m Block. 30.5m shares (Primary) at $16.85 versus $16.85-$17.35 marketing and $18.91 last sale. MS. Upsized from $500m.
Semtech (US, semiconductors) – $350m 5y cvt priced at 0%, up 42.5% versus 0% fixed and 37.5%-42.5% marketing. UBS, MS. Capped call to $141.82, a 100% premium. Using $220.6m of proceeds plus 3m shares of common stock to exchange for $219m of principal on 1.625% CB due 2027 and $63m plus 2.2m shares of common stock to exchange for $61.9m of 4% CB due 2028.
Wednesday
Alliance Laundry (US, industrial) – $826.3m IPO. 37.6m shares (Primary, Secondary) at $22.00 versus $19-$22 marketing. BOFA, JPM, MS. NYSE "ALH". Upsized from 34.1m shares. BDT Capital is the selling shareholder. Capital International Investors and Kayne Anderson Rudnick Investment Management indicated for $100m ($200m combined) of offering.
Apogee Therapeutics (US, biotech) ─ $300m ABB. 7.3m shares (Primary) at $41.00 versus $40.00-$41.00 marketing and $47.24 last sale. JEFF, BOFA, GUGG, TDC, BTIG. Wall cross. Upsized from $250m. Includes pre-funded warrants.
Iren (Australia, bitcoin mining/HPC) ─ $875m 5.75y cvt priced at 0%, up 42.5% versus 0% fixed and 30%-35% marketing. CITI, GS. Wall cross. Capped call to $120.18, a 100% premium.
Live Nation Entertainment (US, entertainment and media) ─ $1.3bn 6y cvt priced at 2.875%, up 50% versus 2.875%-3.375% and 47.5%-52.5% marketing. CITI, JPM, GS. Concurrent $1.3bn term loan B.
Phoenix Education Partners (US, online education) ─ $136m IPO. 4.3m shares (Secondary) at $32.00 versus $31-$33 marketing. MS, GS, BMO, JEFF. NYSE “PXED”. Apollo Global and Vistria Group are the selling shareholders.
Rockpoint Gas Storage (Canada, natural gas storage) – C$704m ($508m) IPO. 32m shares (Primary) at C$22.00 versus C$19-$22 marketing. RBC, JPM. TSX “RGSI”. Upsized from 22m shares on 10/6. Brookfield Asset Management is providing secondary shares for the greenshoe adoption.
Topaz Energy (Canada, E&P) ─ C$200.8m ($148m) Bought deal. 8m shares (Secondary) at C$25.10 versus C$26.18 last sale. PETERS, SCOT. Tourmaline Oil is the selling shareholder.
Thursday
Hycroft Mining (US, gold mining) ─ $150m ABB. 23.1m (Primary) at $6.50 versus $7.16 last sale. BMO. Upsized from $100m. Launched and priced pre-open 10/9.