IFR US ECM Pricings
Arko Petroleum (US, wholesale fuels) ─ $200m IPO. 11.1m shares (Primary) at $18.00 versus $18-$20 marketing. UBS, RJ, STFL. Nasdaq “APC”. Upsized from 10.5m shares. Spin off from ARKO. 5% DSP.
AST SpaceMobile (US, telecommunications) ─ $1bn 10y cvt priced at 2.25%, up 20% versus fixed 2.25% and 20% marketing. UBS, BARC, BOFA. Wall cross. Concurrent sale of 6.4m shares at $96.92 ($620.3m) to holders of 4.25% and 2.375% CBs. Concurrently repurchased $45m principal of 4.25% CB due 2032 and $250m principal of 2.375% CB due 2032.
Energy Vault (US, energy storage) ─ $140m 5y cvt priced at 5.25%, up 27.5% versus 4.75%-5.25% and 27.5%-32.5% marketing. JEFF, CANT. Upsized from $125m. Wall cross. Capped call to $8.12, a 100% premium.
HCM IV Acquisition (US, SPAC) ─ $250m IPO. 25m units (Primary) at $10.00. CANT. Nasdaq “HACQU”. Each unit comprises one share and one-fourth warrant. Shawn Matthews. Undecided. 24 months. 100% in trust.
Nektar Therapeutics (US, biotech) ─ $400m FO. 6.9m shares (Primary) at $58.00 versus $66.35 last sale and $56.00 at launch. JEFF, TDC, PS. Upsized from $300m.
Netstreit (US, REIT) ─ $208.6m ABB. 11m shares (Primary) at $19.00 versus $18.70-$19.26 marketing and $19.26 last sale. WF, BOFA. Upsized from 8.8m shares. Structured as a forward sale.
Proem Acquisition I (US, SPAC) - $130m IPO. 13m units (Primary) at $10.00. CLST. Nasdaq. “PAACU”. Each unit comprises one share and one-third warrant. Imran Khan. Global technology. 24 months. 100% in trust.
XFLH Capital (Cayman Islands, SPAC) ─ $100m IPO. 10m units (Primary) at $10.00. MAXM. Nasdaq “XFLHU”. Upsized from $60m. Each unit comprises one share and one-seventh right. Yanzhe Yang. Asia (including China). 15 months. 100% in trust.