IFR US ECM Weekly Review
Weekly totals
Total*: $9.7bn – IPOs $1.2bn – ABBs/Blocks $700m – Follow-ons $5.3bn – CBs $2.5bn– SPACs $1.1bn.
*Ex SPACs.
Pricings
Monday
Almonty Industries (Canada, mining) ─ $112.5m ABB. 18m shares (Primary) at $6.25 versus $6.25-$6.75 marketing and $7.90 last sale. BOFA, CANT, DDAV, AGP. Upsized from 15m shares. Wall cross.
Borr Drilling (Bermuda, offshore drilling) ─ $84m ABB. 21m shares (Primary) at $4.00 versus $4.00 fixed price marketing and $4.06 last sale. DNB, CLARK.
CoreWeave (US, AI infrastructure) ─ $2.25bn 6y cvt priced at 1.75%, up 25% versus 1.5%-2% and 25%-30% marketing. GS, MS, JPM, WF. Upsized from $2bn. Capped call to $225.60, a 150% premium.
Daedalus Special Acquisition (UK, SPAC) ─ $225m IPO. 22.5m units (Primary) at $10.00. BTIG. Nasdaq “DSACU”. Upsized from $200m. Each unit comprises one share and one-fourth warrant. Husnu Akin Babayigit. AI/mobile apps/fintech. 24 months. 100% in trust.
Gold Royalty (Canada, mineral royalty trust) ─ $90m Bought deal. 22.5m shares (Primary) at $4.00 versus $4.25 last sale. NBF, BMO, RBC. Priced pre-market open Monday. Upsized from 17.5m shares.
ITT (US, industrial equipment) ─ $1.17bn FO. 7m shares (Primary) at $167.00 versus $169.49 last sale and $180.99 at launch. GS, UBS, BARC. Partial funding for acquisition of SPX Flow.
Tuesday
Cardinal Infrastructure (US, engineering & construction) ─ $241.5m IPO. 11.5m shares (Primary) at $21.00 versus $20-$22 marketing. STFL, WBLR. Nasdaq "CDNL".
Denali Therapeutics (US, biotech) ─ $200m ABB. 11.4m shares (Primary) at $17.50 versus $17.00-$18.00 marketing and $19.66 last sale. GS, JPM, MS, JEFF.
Dyne Therapeutics (US, biotech) ─ $350m FO. 19m shares (Primary) at $18.44 versus $18.44 last sale and $22.20 at launch. MS, JEFF, STFL, GUGG. Upsized from $300m.
Fulcrum Therapeutics (US, biotech) ─ $175m FO. 13m shares (Primary) at $13.50 versus $14.60 last sale and $12.99 at launch. JPM, LEER, CANT, OPCO, TRST. Upsized from $150m. Includes pre-funded warrants.
Kymera Therapeutics (US, biotech) ─ $602m FO. 7m shares (Primary) at $86.00 versus $86.88 last sale and $94.30 at launch. MS, JPM, JEFF, STFL, GUGG, WF. Upsized from $500m.
Meshflow Acquisition (US, SPAC) ─ $300m IPO. 30m units (Primary) at $10.00. CANT. Nasdaq “MESHU”. Each unit comprises one share and one-third warrant. Bartosz Lipinski. Blockchain/digital assets. 24 months. 100% in trust.
Structure Therapeutics (US, biotech) ─ $650m FO. 10m shares (Primary) at $65.00 versus $66.74 last sale and $69.98 at launch. JEFF, LEER, GS, MS, GUGG, BMO. Upsized from $500m Includes pre-funded warrants.
Terns Pharmaceuticals (US, biotech) ─ $650m FO. 16.3m shares (Primary) at $40.00 versus $42.57 last sale and $40.23 at launch. JEFF, TDC, LEER. Upsized from $400m.
Vera Therapeutics (US, biotech) ─ $260.9m FO. 6.1m shares (Primary) at $42.50 versus $44.66 last sale and $45.03 at launch. JPM, GS, EVER, CANT. Upsized from $200m.
Wave Life Sciences (US, biotech) ─ $350m FO. 18.4m shares (Primary) at $19.00 versus $21.31 last sale and $18.52 at launch. JEFF, LEER, BOFA. Upsized from $250m. Includes pre-funded warrants.
Wednesday
Bluerock Acquisition (Cayman Islands, SPAC) ─ $150m IPO. 15m units (Primary) at $10.00. CANT. Nasdaq “BLRKU”. Each unit comprises one share and one-third warrant. R. Ramin Kamfar. Real estate. 24 months. 100% in trust.
Karbon Capital Partners (Cayman Islands, SPAC) ─ $300m IPO. 30m units (Primary) at $10.00. CITI. Nasdaq “KBONU”. Each unit comprises one share and one-fourth warrant. Thomas Karam/Jeff Zajkowski. Energy. 24 months. 100% in trust.
Lumexa Imaging (US, diagnostic imaging) ─ $462.5m IPO. 25m shares (Primary) at $18.50 versus $17-$20 marketing. BARC, JPM, JEFF. Nasdaq “LMRI”.
Stewart Information Services (US, P&C insurance) ─ $129.2m ABB. 1.9m shares (Primary) at $68.00 versus $67.50-$70.50 marketing and $73.81 last sale. GS.
Ur-Energy (US, uranium mining) ─ $100m 5.1y cvt priced at 4.75%, up 27.5% versus 4.5%-5% and 25%-30% marketing. CANT. Capped call to $2.72, a 100% premium. Wall cross.
Thursday
Adecoagro (Luxembourg, agriculture) ─ $300m FO. 41.4m shares (Primary) at $7.25 versus $7.38 last sale and $8.32 at launch. JPM, BOFA, BTG, CITI, ITAU. Tether Investments purchased 30.3m shares and members of management purchased 3.6m shares sold in the offering.
Contineum Therapeutics (US, biotech) ─ $90m ABB. 7.3m shares (Primary) at $12.25 versus $12.25 fixed price marketing and $13.07 last sale. GS, LEER, STFL, RBC, WBLR. Upsized from $75m.
Ithax Acquisition III (US, SPAC) ─ $200m IPO. 20m units (Primary) at $10.00. Each unit comprises one share and one-half warrant. CANT. Nasdaq “ITHAU”. Ithaca Capital Partners. Hospitality/leisure/AI/digital assets. 24 months. 100% in trust. Institutional investors indicated for 2.5m of sponsor warrants.
Legence (US, engineering and construction) ─ $378.1m FO. 8.4m shares (Secondary) at $45.00 versus $45.80 last sale and $48.48 at launch. GS, JEFF. Upsized from 7m shares. Blackstone is the selling shareholder.
Miami International (US, financial services) ─ $276.8m FO. 6.8m shares (Secondary) at $41.00 versus $41.78 last sale and $45.80 at launch. JPM, MS, PS.
T1 Energy (US, renewable energy) ─ $140m FO. 28.3m shares (Primary) at $4.95 versus $5.87 last sale and $6.15 at launch. SANT, JPM. Concurrent $140m 5y cvt. Wall cross.
T1 Energy (US, renewable energy) ─ $140m 5y cvt priced at 5.25%, up 40% versus 5.25%-5.75% and 35%-40% marketing. SANT, JPM. Upsized from $120m. Concurrent $140m common stock offering. Wall cross.
Tenaya Therapeutics (US, biotech) ─ $60m ABB. 50m shares (Primary) at $1.20 versus $1.20 fixed price marketing and $1.36 last sale. LEER, PS. Upsized from $50m. Wall cross.
Twelve Seas Investment III (Cayman Islands, SPAC) ─ $150m IPO. 15m units (Primary) at $10.00. Each unit comprises one share and one-tenth right. COHEN. Nasdaq “TWLVU”. Dmitri Elkin. Energy (ex US). 24 months. 100% in trust.
Wealthfront (US, fintech) ─ $484.6m IPO. 34.6m shares (Primary, Secondary) at $14.00 versus $12-$14 marketing. GS, JPM, CITI, WF, RBC. Nasdaq "WLTH". BlackRock and Wellington Management have indicated for $150m combined of the offering.