IFR US ECM Weekly Review
Weekly totals
Total*: $5.2bn – IPOs $318m – ABBs/Blocks $0 – Follow-ons $1.5bn – CBs $2.6bn – SPACs $1.1bn
*Excludes SPACs/greenshoe options.
Pricings
Monday
Art Technology Acquisition (US, SPAC) ─ $220m IPO. 22m units (Primary) at $10.00. CLRST. Nasdaq “ARTCU”. Each unit comprises one share and one-fourth warrant. Daniel Cohen. Art, investment and technology. 24 months. 100% in trust.
Black Spade Acquisition III (Hong Kong, SPAC) ─ $150m IPO. 15m units (Primary) at $10.00. COHEN, CHDN. NYSE “BIIIU”. Each unit comprises one share and one-third warrant. Lawrence Ho. Digital finance. 24 months. 100% in trust.
Realty Income (US, REIT) ─ $862.5m 3y cvt priced at 3.5%, up 20% versus 3.25%-3.75% and 17.5%-22.5% marketing. MIZU, MS, SCOT. Includes fully exercised shoe. Concurrently bought back $102.1m of stock (1.8m shares) to facilitate delta hedging. Wall cross.
Tuesday
Crinetics Pharmaceuticals (US, biotech) ─ $350m FO. 7.6m shares (Primary) at $45.95 versus $45.95 last sale and $48.18 at launch. LEER, JPM, EVER, PS, CANT.
Praxis Precision Medicines (US, biotech) ─ $575m ABB. 2.12m shares (Primary) at $260.00 versus $254.00-$264.00 marketing and $272.90 last sale. PS, TDC, GUGG, TRST. Upsized from $500m. Wall cross.
Soren Acquisition (Cayman Islands, SPAC) ─ $220m IPO. 22m units (Primary) at $10.00. BTIG. Nasdaq “SORNU”. Each unit comprises one share and one-third warrant. Arghavan Di Rezee. Healthcare. 24 months. 100% in trust.
Wednesday
Alumis (US, biotech) ─ $300m FO. 17.65m shares (Primary) at $17.00 versus $17.92 last sale and $16.23 at launch. MS, LEER, CANT, WF. Upsized from $175m.
Arrowhead Pharmaceuticals (US, biotech) ─ $200m FO. 3.1m shares (Primary) at $64.50 versus $65.69 last sale and $70.81 at launch. JEFF, JPM. Concurrent upsized $625m CB. Includes pre-funded warrants.
Arrowhead Pharmaceuticals (US, biotech) ─ $625m 6y cvt priced at 0%, up 35% versus 0.5%-1% and 30%-35% marketing. JPM, JEFF. Upsized from $500m. Concurrent $200m follow-on offering. Capped call to $119.33, an 85% premium.
Bleichroeder Acquisition II (Cayman Islands, SPAC) ─ $250m IPO. 25m units (Primary) at $10.00. COHEN. Nasdaq “BBCQU”. Each unit comprises one share and one-third warrant. Bleichroeder. North America/Europe disruptive technologies. 24 months. 100% in trust.
Bright Minds Biosciences (US, biotech) ─ $175.1m FO.1.9m shares (Primary) at $90.00 versus $95.99 last sale and $93.21 at launch. JEFF, TDC, PS, CANT. Upsized from $100m.
Compass (US, real estate services) ─ $850m 5y cvt priced at 0.25%, up 35% versus 0.5%-1% and 30%-35% marketing. MS, JPM. Upsized from $750m. Capped call to $23.68, a 100% premium.
Jefferson Capital (US, consumer finance) ─ $205m FO. 10m shares (Secondary) at $20.50 versus $20.64 last sale and at $23.02 launch. JEFF, KBW. Company bought back 3m shares sold in the offering. JC Flowers is the top selling shareholder.
Phathom Pharmaceuticals (US, biotech) ─ $130m ABB.8.1m shares (Primary) at $16.00 versus $16.00-$16.50 marketing and $18.07 last sale. GUGG, CANT. Upsized from $100m. Wall cross. Includes pre-funded warrants.
Tanger (US, REIT) ─ $220m 5y cvt priced at 2.375%, up 22.5% versus 2.125%-2.625% and 20%-25% marketing. BOFA, TRST, WF, TD. Upsized from $200m. Capped call to $47.49, a 40% premium. Company bought back $20m of stock (600,000 shares) to facilitate hedging.
Thursday
Aktis Oncology (US, biotech) ─ $317.7m IPO. 17.7m shares (Primary) at $18.00 versus $16-$18 marketing. JPM, BOFA, LEER, TDC. Nasdaq "AKTS". Upsized from 11.8m shares on 1/7. Eli Lilly has indicated for $100m of offering.
Canadian Solar (Canada, alt energy) ─ $200m 5y cvt priced at 3.25%, up 42.5% versus 2.75%-3.25% and 37.5%-42.5% marketing. UBS, HSBC. Wall cross.
Lafayette Digital Acquisition I (Cayman Islands, SPAC) ─ $250m IPO. 25m units (Primary) at $10.00. BTIG. Nasdaq “ZKPU”. Each unit comprises one share and one-quarter warrant. Samuel Jernigan. Crypto. 24 months. 100% in trust.
Monte Rosa Therapeutics (US, biotech) ─ $300m FO. 12.5m shares (Primary) at $24.00 versus $25.31 last sale and $23.37 at launch. JEFF, TDC, PS. Upsized from $200m. Includes pre-funded warrants.