IFR US ECM Weekly Review
Weekly totals
Total*: $8.9bn – IPOs $6.4bn – ABBs/Blocks $0 – Follow-ons $660m – CBs $1.8bn – SPACs $1.4bn – International** $134m.
*Ex SPACs. Excludes greenshoes. **In US dollars.
Pricings
Monday
Crane Harbor Acquisition II (US, SPAC) ─ $300m IPO. 30m units (Primary) at $10.00. COHEN. Nasdaq “CRANU”. Upsized from $250m. Each unit comprises one share and one-fifteenth right. Jonathan Cohen. Technology, real assets and energy. 24 months. 100% in trust.
Zoetis (US, animal health) ─ $1.75bn 3.5y cvt priced at 0.25%, up 22.5% versus 0.25%-0.75% and 20%-25% marketing. GS, BOFA, JPM. Concurrently repurchased $250m worth of common stock (2.1m shares). Capped call to $211.72, a 75% premium. Remaining $1.3bn proceeds to be used to buy back stock no later than the end of Q1 2026.
Tuesday
Andersen Group (US, business services) ─ $176m IPO. 11m shares (Primary) at $16.00 versus $14-$16 marketing. MS, UBS, DB, TRST, WF. NYSE “ANDG”. 7% DSP.
Churchill Capital XI (US, SPAC) ─ $360m IPO. 36m units (Primary) at $10.00. Each unit comprises one share and one-tenth warrant. CITI. Nasdaq “CCXIU”. Upsized from $300m. Michael Klein. Not defined. 24 months. 100% in trust.
Immunome (US, biotech) ─ $400.4m FO. 18.6m shares (Primary) at $21.50 versus $23.48 last sale and $22.64 at launch. LEER, JPM, TDC, GS, GUGG.
Iron Horse Acquisition II (US, SPAC) ─ $200m IPO. 20m units (Primary) at $10.00. CANT. Nasdaq “IRHOU”. Each unit comprises one share and one-half warrant and one-tenth right. Jose Antonio Bengochea. Media and entertainment. 24 months. 100% in trust.
Kodiak Sciences (US, biotech) ─ $160.2m FO. 7m shares (Primary) $23.00 versus $24.13 last sale and $23.02 at launch. JPM, JEFF, EVER, UBS. Upsized from 6m shares. Baker Brothers indicated interest for one-third of shares sold in the offering.
Kyverna Therapeutics (US, biotech) ─ $100m FO. 13.3m shares (Primary) at $7.50 versus $10.24 last sale and $10.82 at launch. JPM, LEER, MS, WF.
Medline (US, medical supplies) – $6.26bn IPO. 216m shares (Primary) at $29.00 versus $26-$30 marketing. Upsized from 179m shares. GS, MS, BOFA, JPM, BARC, CITI, DB, JEFF, UBS. Nasdaq "MDLN". Backed with $2.35bn of demand from cornerstone investors Baillie Gifford, Capital Research Global Investors, Morgan Stanley, Durable Capital, GIC, Janus Henderson, Viking Global and WCM Investment Management. Members of the founding Mills Family indicated interest in purchasing up to $250m of offered shares.
Wednesday
American Drive Acquisition (Cayman Islands, SPAC) ─ $200m IPO. 20m units (Primary) at $10.00. CANT. Nasdaq “ADACU.” Each unit comprises one share and one-third warrant. Petit Monts. Defense, logistics, AI. 24 months. 100% in trust.
BRP (Canada, recreational products) ─ C$185m ($134m) Bought deal. 1.85m shares (Secondary) at C$100.00 fixed price versus C$104.00 last sale. RBC. Bain Capital is the selling shareholder.
Launchpad Cadenza Acquisition I (Cayman Islands, SPAC) ─ $200m IPO. 20m units (Primary) at $10.00. CANT. Nasdaq “LPCVU”. Each unit comprises one share and one-third warrant. Ryan Gilbert/Shami Patel. Not defined. 24 months. 100% in trust.
Vine Hill Capital Investment II (Cayman Islands, SPAC) ─ $200m IPO. 20m units (Primary) at $10.00. STFL. Nasdaq “VHCPU”. Upsized from $175m. Each unit comprises one share and one-third warrant. Vine Hill Capital. Industrials. 24 months. 100% in trust.
Thursday
TGE Value Creative Solutions (France, SPAC) ─ $150m IPO. 15m units (Primary) at $10.00. COHEN. Nasdaq “BEBEU”. Each unit comprises one share and one-half warrant. SpiderNet Capital. Digital media, fashion, gaming. 24 months. 100% in trust.