Equities

IFR US ECM Pricings

 |  Robert Sherwood

Comstock (US, refining) ─ $50m ABB. 18.2m shares (Primary) at $2.75 versus $3.60 last sale. TITAN.

Ethos Technologies (US, insurtech) ─ $199.5m IPO. 10.5m shares (Primary, Secondary) at $19.00 versus $18-$20 marketing. GS, JPM. Nasdaq “LIFE”. 5% DSP. General Catalyst and Alphabet’s Google Ventures are among the selling shareholders.

Joby Aviation (US, EV aircraft) ─ $600m 6y cvt priced at 0.75%, up 25% versus 0.5%-1% and 25%-30% marketing. MS, ALLN, BOFA, GS. Concurrent $600m ABB (Combined financing increased from $1bn). Wall cross. Stock-borrow facility of 5.3m shares from existing shareholder to facilitate delta hedging. Capped call to $22.70, a 100% premium.

Joby Aviation (US, EV aircraft) ─ $600m ABB. 52.9m shares (Primary) at $11.35 versus $11.35-$11.75 marketing and $13.37 last sale. MS, ALLN, BOFA. Concurrent $600 6y CB (Combined financing increased from $1bn). Wall cross.

K2 Capital Acquisition (US, SPAC) ─ $120m IPO. 12m units (Primary) at $10.00. DBORAL. Nasdaq “KTWOU”. Upsized from $100m. Each unit comprises one share and one-eighth right. Karan Thakur. Physical AI. 24 months. 100% in trust.

PicPay (Brazil, fintech) ─ $435.1m IPO. 22.9m shares (Primary) at $19.00 versus $16-$19 marketing. CITI, BOFA, RBC. Nasdaq “PICS”. Bicycle Asset Management indicated for $75m of offering. 3% DSP.

United Acquisition I (Cayman Islands, SPAC) ─ $100m IPO. 10m units (Primary) at $10.00. CHDN. NYSE “UACU”. Each unit comprises one share and one-fourth warrant. Paul Packer. No defined target. 24 months. 100% in trust.

Xsolla SPAC I (US, SPAC) ─ $200m IPO. 20m units (Primary) at $10.00. DBORAL. Nasdaq “XSOLU”. Each unit comprises one share and one-third warrant. Xsolla. TMT, fintech. 24 months. 100% in trust.

York Space Systems (US, aerospace & defense) ─ $629m IPO. 18.5m shares (Primary) at $34.00 versus $30-$34 marketing. GS, JEFF, WF. NYSE “YSS”. Upsized from 16m shares.

Cancelled

Venu (US, live entertainment) ─ $75m FO. Fixed size (Primary) versus $8.59 at launch. DB, THINK. Wall cross. Scheduled to price 1/28.

Topics
US Dollar Americas North America Equity Capital Marketed Follow-Ons Structured Equity ABBs and Block Trades United States Initial Public Offerings (IPO)
Issuers
Ethos Technologies Inc PicPay Bank Banco Multiplo SA York Space Systems LLC Venu Holding Corp (VENU.A) Joby Aviation Inc (JOBY.N) Comstock Inc (LODE.A) K2 Capital Acquisition Corp (KTWOU.OQ) Xsolla Capital I LP United Acquisition I Corp