IFR US ECM Weekly Review
Weekly totals
Total*: $12bn – IPOs $1.8bn – ABBs/Blocks $3.3bn – Follow-ons $0m – CBs $6.9bn – SPACs $570m – International**$285m
*Ex SPACs/International. ** In US dollars.
Pricings
Monday
AltaGas (Canada, natural gas utility) ─ C$400.5m ($285m) Bought deal. 10.1m shares (Primary) at C$39.65 versus C$41.02 last sale. CIBC, TD, RBC, SCOT.
Beta Technologies (US, EV aircraft) – $1.02bn IPO. 29.9m shares (Primary) at $34.00 versus $27-$33 marketing. MS, GS. NYSE “BETA”. Upsized from 25m shares. Alliance Bernstein, BlackRock, company director Chuck Davis, GE Aerospace and Federated have indicated for $300m combined of offering. 5% DSP.
CMS Energy (US, utility) – $850m 5.5y cvt priced at 3.25%, up 25% versus 2.75%-3.25% and 25%-30% marketing. MS, WF, BARC, CITI, MIZU. Upsized from $750m. Using proceeds to fully repay $250m principal of 3.6% senior notes at November 15, 2025 maturity.
Cantor Equity Partners V (US, SPAC) ─ $220m IPO. 22m shares (Primary) at $10.00. CANT. Nasdaq “NMRK”. Upsized from 20m shares. Share-only structure (no units). Brandon Lutnick. Financial services, digital assets, healthcare, real estate services, technology and software. 24 months. 100% in trust.
IMAX (US, entertainment production) – $220m 5y cvt priced at 0.75%, up 30% versus 0.75%-1.25% and 27.5%-32.5% marketing. JPM, WF. Concurrently repurchasing $230m principal 0.5% CB due April 2026 for $276m. Capped call to $57.10, a 75% premium.
Southern (US, utility) – $1.75bn 3y mand cvt priced at 7.125% div, up 25% versus 6.75%-7.25% and 20%-25% marketing. BOFA, JPM, MIZU. Using proceeds to repurchase $674.4m of $943.4m principal 3.875% CB due December 2025 and $342m of $1.2bn principal 4.5% CB due June 2026.
Westin Acquisition (Singapore, SPAC) ─ $50m IPO. 5m units (Primary) at $10.00. Each unit comprises one share and one-sixth warrant. AGP. Nasdaq “WSTNU”. Westin Ventures. Not defined. 18 months. 100% in trust.
Tuesday
Corebridge Financial (US, insurance) ─ $1bn Block. 32.6m shares (Secondary) at $31.10 versus $31.10-$31.26 marketing and $31.26 last sale. JPM. Corebridge bought back $500m of stock being sold in the offering.
Estee Lauder (US, consumer goods) ─ $1bn Block. 11.3m shares (Secondary) at $90.00 versus $90-$92 marketing and $92.88 last sale. JPM. Leonard Lauder estate is the selling shareholder.
Exzeo Group (US, insurtech) ─ $168m IPO. 8m shares (Primary) at $21.00 versus $20-$22 marketing. TRST, CITZ, WBLR. NYSE “XZO”. Spin-off from HCI Group. 5% DSP.
Guardant Health (US, healthcare) ─ $300m ABB. 3.3m shares (Primary) at $90.00 versus $90.00-$92.00 marketing and $98.14 last sale. GS, JEFF, LEER, GUGG. Upsized from $250m. Concurrent $350m 7.5y CB. Wall cross.
Guardant Health (US, healthcare) ─ $350m 7.5y cvt priced at 0%, up 35% versus zero-percent fixed and 30%-35% marketing. GS, JEFF, LEER, GUGG. Upsized from $300m. Concurrent $300m common stock offering. Wall cross.
Ramaco Resources (US, coal mining) ─ $54.4m ABB. 2.2m shares (Borrowed shares) at $24.25 versus $26.59 last sale. GS, MS. Stock loan facility to facilitate delta hedging on concurrent $300m 6y CB. Wall cross.
Ramaco Resources (US, coal mining) ─ $300m 6y cvt priced at 0% up 35% versus 0%-0.5% and 30%-35% marketing. GS, MS. Concurrent $54.4m stock loan placement to facilitate delta hedging. Capped call to $54.56, a 100% premium.
Wednesday
BWX Technologies (US, nuclear components) – $1.1bn 5y cvt priced at 0%, up 32.5% versus 0%-0.5% and 25%-30% marketing. MS, JPM, WF, TD. Capped call to $396.24, a 100% premium. Upsized from $1bn.
Benitec Biopharma (US, biotech) ─ $100m ABB. 7.3m shares (Primary) at $13.50 fixed price versus $15.78 last sale. LEER, TDC, EVER. Includes $25m via concurrent RDO of 1.5m shares sold to 49.9% owner Survetta Capital. Wall cross.
BillionToOne (US, diagnostics) ─ $273.1m IPO. 4.6m shares (Primary) at $60.00 versus $49-$55 marketing. JPM, PS, JEFF, WBLR. Nasdaq “BLLN”. 5% DSP. Upsized from 3.8m shares.
CCC Intelligent Solutions (US, software) ─ $290.9m Block. 37.3m shares (Secondary) at $7.79 versus $7.79-$7.84 marketing and $7.84 last sale. GS. Advent International is the selling shareholder.
Evommune (US, biotech) ─ $150m IPO. 9.4m shares (Primary) at $16.00 versus $15-$17 marketing. MS, LEER, EVER, CANT. NYSE "EVMN".
First Watch Restaurant (US, restaurants) ─ $95.1m Block. 5.3m shares (Secondary) at $17.94 versus $17.94 last sale. CITI. Advent International is the selling shareholder.
Grupo Aeromexico (Mexico, airline) ─ $222.8m IPO. 11.7m ADSs (Primary, Secondary) at $19.00 versus $18-$20 marketing. BARC, MS, JPM, EVER. NYSE “AERO”. PAR Investment Partners invested $25m in a concurrent private placement. Apollo Global and Strategic Value Partners are among the selling shareholders. Emerged from bankruptcy in March 2022.
Thursday
Crown Reserve Acquisition I (Cayman Islands, SPAC) ─ $150m IPO. 15m units (Primary) at $10.00. SPAC. Nasdaq “CRACU”. Each unit comprises one share and one-seventh right. Prashant Patel. Life sciences. 24 months. 100% in trust.
Halozyme Therapeutics (US, healthcare) ─ $650m 5.5y cvt priced at 0%, up 27.5% versus fixed zero-percent coupon and 25%-30% marketing. BOFA, MS. Capped call to $136.78, a 100% premium. Concurrently repurchased portions of 0.25% CB due 2027 and 1% CB due 2028 for cash.
Halozyme Therapeutics (US, healthcare) ─ $650m 7y cvt priced at 0.875%, up 27.5% versus fixed coupon and 25%-30% marketing. BOFA, MS. Capped call to $136.78, a 100% premium. Concurrently repurchased portions of 0.25% CB due 2027 and 1% CB due 2028 for cash.
Novanta (Canada, laser equipment) ─ $550 3y mand cvt priced at 6.5% div, up 25% versus 6.25%-6.75% and 20%-25% marketing. JPM, BOFA.
Sotera Health (US, medtech) ─ $471m Block. 30m shares (Secondary) at $15.70, versus $15.70-$16.01 marketing and $16.01 last sale. GS. Warburg Pincus and GTCR are the selling shareholders.
Tailwind 2.0 Acquisition (US, SPAC) ─ $150m IPO. 15m units (Primary) at $10.00. COHEN. Nasdaq “TDWDU”. Each unit comprises one share and one-tenth right. Philip Krim. Energy, computing infrastructure. 24 months. 100% in trust.
Voyager Technologies (US, aerospace & defense) ─ $435m 5y cvt priced at 0.75%, up 30% versus 0.5%-1% and 27.5%-32.5% marketing. JPM, MS, BOFA. Upsized from $300m. Capped call to $59.58, a 150% premium. Concurrent $131.1m prepaid forward and $27.7m stock buyback to facilitate delta hedging.