IFR US ECM Weekly Review
Weekly totals
Total*: $11.6bn – IPOs $3bn – ABBs/Blocks $225m – Follow-ons $750m – CBs $7.6m – SPACs $1.2bn
*Excludes SPACs and greenshoe options.
Pricings
Monday
Iris Acquisition II (UAE, SPAC) – $150m SPAC IPO. 15m units (Primary) at $10.00. COHEN. Nasdaq “IRABU”. Sumit Mehta. Not defined. Each unit comprises one share and one-half warrant. 24 months. 100% in trust.
Oracle (US, software) – $5bn 3y mand cvt pfd priced at 6.5% div, up 25% versus 6.25%-7.25% and 25% fixed marketing. CITI, BOFA, DB, GS, HSBC, JPM. Simultaneously filed $20bn ATM. Simultaneously priced $25bn bond offering.
VSE (US, aviation services) – $750m FO. 4m shares (Primary) at $188.00 versus $218.57 last sale and $190.93 at launch. JEFF, RBC. Upsized from $650m. Concurrent $400m 3y mand cvt. Partial funding for $2bn purchase of Precision Aviation.
VSE (US, aviation services) – $400m 3y mand cvt priced at 5.75% div, up 22.5% versus 5.75%-6.25% and 17.5%-22.5% marketing. JEFF, RBC. Upsized from $350m. Concurrent $750m FO. Partial funding for $2bn purchase of Precision Aviation.
White Pearl Acquisition (Hong Kong, SPAC) – $100m IPO. 10m units (Primary) at $10.00. DBORAL. Nasdaq “WPACU”. Upsized from $50m. Each unit comprises one share and one-fifth right. White Pearl Group. Fintech. 24 months. 100% in trust.
Tuesday
Colombier Acquisition III (Cayman Islands, SPAC) – $260m IPO. 10m units (primary) at $10.00. ROTH. NYSE “CLBR U”. Each unit comprises one share and one-eighth warrant. 1789 Capital. Not defined. 24 months. 100% in trust.
Liberty Energy (US, oilfield services) – $700m 5y cvt priced at 0%, up 32.5% versus 0.25%-0.75% and 27.5%-32.5% marketing. GS, JPM, BOFA, WF. Upsized from $500m. Capped call to $65.10, a 150% premium.
Nlight (US, semiconductors) – $175m ABB. 4m shares (Primary) at $44.00 versus $44.00-$45.00 marketing and $49.98 last sale. STFL, BAIRD, WBLR, RJ. Upsized from $150m. Wall cross.
Veradermics (US, biotech) – $256.3m IPO. 15.1m shares (Primary) at $17.00 versus $14-$16 marketing. JEFF, LEER, CITI, CANT. Nasdaq "MANE". Upsized from 13.4m shares. Backed with anchor orders from Wellington Management, up to $30m, and Eli Lilly, up to a 4.9% overall equity stake.
ZTO Express (China, trucking) – $1.5bn 5y cvt priced at 0.925%, up 35% versus 0.55%-1.05% and 35%-40% marketing. CITI, GS. Putable after 3y. Company buying back stock to facilitate delta hedging. Capped call to $35.99, a 57% premium. Priced pre-market open on 2/4.
Wednesday
Bob’s Discount Furniture (US, retail) – $330.7m IPO. 19.5m shares (Primary) at $17.00 versus $17-$19 marketing. JPM, MS, RBC, UBS. NYSE "BOBS". Bain Capital is providing secondary shares for 15% greenshoe option.
Cantor Equity Partners VI (Cayman Islands, SPAC) – $100m IPO. 10m shares (Primary) at $10.00. CANT. Nasdaq “CEPS”. Structured as stock only. Cantor Fitzgerald. Not defined. 24 months. 100% in trust.
Eikon Therapeutics (US, biotech) – $381.2m IPO. 21.2m shares (Primary) at $18.00 versus $16-$18 marketing. JPM, MS, BOFA, CANT. Nasdaq "EIKN". Upsized from 17.6m shares.
Forgent Power Solutions (US, industrial) – $1.5bn IPO. 56m shares (Primary, Secondary) at $27.00 versus $25-$29 marketing. GS, JEFF, MS. NYSE "FPS". Neos Partners is the selling shareholder.
Hennessy Capital VIII (Cayman Islands, SPAC) – $210m IPO. 21m units (Primary) at $10.00. BARC, COHEN. Nasdaq “HCICU”. Upsized from $175m. Each unit comprises one share and one-twelfth right. Daniel J. Hennessy. Industrial/energy. 24 months. 100% in trust.
Integra Resources (Canada, gold mining) – $55m Bought deal. 16.2m shares (Primary) at $3.40 versus $5.00 last sale. CGEN, STFL.
Thursday
Agomab Therapeutics (Belgium, biotech) – $200m IPO. 12.5m shares (Primary) at $16.00 versus $15-$17 marketing. JPM, MS, LEER, VSK. Nasdaq "AGMB".
Cambridge Acquisition (US, SPAC) – $200m IPO. 20m units (Primary) at $10.00. BTIG. Nasdaq. “CAQU”. Each unit comprises one share and one-third warrant. Brent Michael Cox. Undefined. 24 months. 100% in trust.
Once Upon a Farm (US, consumer goods) – $198m IPO. 11m shares (Primary, Secondary) at $18.00 versus $17-$19 marketing. GS, JPM, BOFA, WBLR. NYSE "OFRM". Public benefit corporation.
Satellos Bioscience (Canada, biotech) – $51m ABB. 5m shares (Primary) at $10.10 fixed price versus C$16.15 last sale/reference price. LEER, GUGG, OPCO. Nasdaq uplisting from TSX.
SPACSphere Acquisition (US, SPAC) – $150m IPO. 15m units. (Primary) at $10.00. DBORAL. Nasdaq “SSACU”. Each unit comprises one share, one-half warrant and one right. Bala Padmakumar. Digital assets. 18 months. 100% in trust.
SpyGlass Pharma (US, biotech) – $150m IPO. 9.4m shares (Primary) at $16.00 versus $15-$17 marketing. JEFF, LEER, CITI, STFL. Nasdaq "SGP"
Postponed
Liftoff Mobile (US, adtech) – $762m IPO. 25.4m shares (Primary) marketed at $26-$30. GS, JEFF, MS. Nasdaq “LFTO”. Scheduled to price 2/5. Blackstone Group and General Atlantic Partners were among the existing shareholders.