IFR US ECM Weekly Review
Weekly totals
Total*: $2.7bn – IPOs $0 – ABBs/Blocks $1.3bn – Follow-ons $250m – CBs $1bn – SPACs $405m – International** $61m
*Ex SPACs, international. ** US dollars.
Pricings
Monday
BrightSpring Health Services (US, healthcare) – $435m Block. 15m shares (Secondary) at $29.00 versus $28.95-$30.47 marketing and $30.47 last sale. BOFA. KKR is the selling shareholder. The company bought back 1.5m shares (10%) sold in the offering.
Disc Medicine (US, biotech) – $250m FO. 3m shares (Primary, Secondary) at $84.00 versus $89.94 last sale and $87.17 at launch. JEFF, LEER, MS, CANT. Upsized from $220m. Access Industries is the selling shareholder.
Tuesday
AST Spacemobile (US, telecommunications) – $1bn 10.25y CB priced at 2%, up 22.5% versus 1.75%-2.25% and 20%-25% marketing. UBS, BARC, BOFA, DB. Upsized from $850m. Wall cross. Concurrent $161.6m registered direct offering (2.05m shares at $78.61) to fund concurrent repurchase of up to $50m principal of 4.25% CB due 2032.
Aveanna Healthcare (US, healthcare) – $90m ABB. 10m shares (Secondary) at $9.00 versus $9.00-$9.50 marketing and $10.23 last sale. JEFF, JPM, BARC, RBC. JH Whitney is the selling shareholder.
Calisa Acquisition (Cayman Islands, SPAC) – $100m IPO. 10m units (Primary) at $10.00. EBRD. Nasdaq “ALISU”. Upsized from 6m units. Each unit comprises one share and one-tenth right. Alisa Group. Financial services. 15 months. 100% in trust.
Ivanhoe Electric (US, copper mining) ─ $150m ABB. 10m shares (Primary) at $15.00 versus fixed price marketing and $15.76 last sale. BMO, JPM, NBC. Upsized from $125m. Wall cross.
RAPT Therapeutics (US, biotech) ─ $250m ABB. 8.3m shares (Primary) at $30.00 versus $30.00-$31.00 marketing and $33.53 last sale. LEER, TDC, GUGG, WF, LSCI. Upsized from $175m. Wall cross.
Viridian Therapeutics (US, biotech) – $251.4m ABB. 11.4m shares (Primary) at $22.00 versus $22.00-$23.00 marketing and $24.02 last sale. JEFF, LEER, EVER, STFL. Upsized from $200m.
Wednesday
ATEX Resources (Canada, mining) ─ C$95.6m ($60.7m) Bought deal. 36.75m units (Primary) at C$2.60 versus C$2.58 last sale. BMO, DESJ. Upsized from 32.7m units. Each unit comprises one share and one warrant exercisable at C$4.00.
Harvard Ave Acquisition (South Korea, SPAC) ─ $145m IPO. 14.5m units (Primary) at $10.00. DBORAL. Nasdaq “HAVAU”. Each unit comprises one share and one-tenth right. Copley Square. No defined target. 18 months. 100% in trust. Downsized from $250m on 7/15 and $180m at pricing.
Miluna Acquisition (Taiwan, SPAC) ─ $60m IPO. 6m units (Primary) at $10.00. DBORAL, ARC. Nasdaq “MMXTU”. Each unit comprises one share and one-half warrant. Lykos International. Targets in China. 18 months. 100% in trust.
Thursday
LaFayette Acquistion (France, SPAC) ─ $100m IPO. 10m units (Primary) at $10.00. EBC. Nasdaq “LAFAU”. Each unit comprises one share and one-tenth right. Christophe Charlier. No defined target. 21 months. 100% in trust.
X4 Pharmaceuticals (US, biotech) ─ $135m ABB. 46.6m shares (Primary) at $2.90 versus $2.85-$2.95 marketing and $3.09 last sale. LEER, STFL, GUGG. Upsized from $125m. Wall cross. Includes pre-funded warrants.