IFR US ECM Weekly Review
Weekly totals
Total*: $5.1bn – IPOs $1.7bn – ABBs/Blocks $1.9bn – Follow-ons $400m – CBs $1.9bn – SPACs $1.7bn – International** $148m.
*Excludes SPACs, International and greenshoe options. **In US dollars.
Pricings
Monday
Dakota Gold (US, gold mining) ─ $75m ABB. 12.3m shares (Primary) at $6.08 versus $6.03-$6.03 marketing and $6.59 last sale. BMO, SCOT.
LATAM Airlines (Chile, airline) ─ $557.1m Block. 9m ADSs (Secondary) at $61.90 versus $61.90-$64.85 marketing and $64.85 last sale. JPM. Sixth Street is the selling shareholder.
Microchip Technology (US, semiconductors) ─ $800m 4y, put-3 cvt priced at 0%, up 40% versus 0% fixed and 32.5%-37.5% marketing. JPM, BOFA, TRST. Upsized from $600m. Advisor J Wood Capital facilitating $25m share repurchase facility to facilitate hedging. Capped call to $148.82, a 100% premium.
Spring Valley Acquisition IV (US, SPAC) ─ $200m IPO. 20m units (Primary) at $10.00. COHEN. Nasdaq “SVIVU”. Each unit comprises one share and one-fourth warrant. Christopher Sorrells. Power infrastructure and decarbonization. 24 months. 100% in trust.
Tuesday
AGI (Brazil, fintech) ─ $240m IPO. 20m shares (Primary) at $12.00 versus $12-$13 marketing. GS, MS, CITI. NYSE “AGBK”. Revised from 43.6m shares at $15-$18 on 2/10.
Columbus Circle Capital II (US, SPAC) ─ $200m IPO. 20m units (Primary) at $10.00. CLRST. Nasdaq “CMIIU”. Each unit comprises one share and one-third warrant. Gary Quin. AI, sports, healthcare, energy in EMEA and Latin America. 18 months. 100% in trust.
Curbline Properties (US, retail REIT) ─ $204m Block. 8m shares (Primary) at $25.50 versus $25.20-$25.73 marketing and $25.73 last sale. MS, BOFA. Structured as a forward sale.
D Boral Acquisition I (BVI, SPAC) ─ $250m IPO. 25m units (Primary) at $10.00. DBORAL. Nasdaq “DBCAU”. Each unit comprises one share and one-half warrant. David Boral/John Darwin. Not defined. 18 months. 100% in trust.
Galecto (US, biotech) ─ $275m ABB. 14.5m shares (Primary) at $19.00 versus $19.00 fixed price marketing and $21.52 last sale. JEFF, LEER, EVER, GUGG. Upsized from $200m. Offering structured with non-voting series C preferred stock convertible into stock on a one-for-one basis.
Gibson Energy (Canada, oil & gas storage) ─ C$200m Bought deal. 7.6m shares (Primary) at C$26.35 versus C$27.37 last sale. CIBC, SCOT. Equity funding for $400m purchase of pipeline assets from Teine Energy.
Idea Acquisition (Cayman Islands, SPAC) – $350m IPO. 35m units (Primary) at $10.00. CANT, OCG. Nasdaq “IACOU”. Each unit comprises one share and one-third warrant. Trevor Harries-Jones/Ryan Shea. AI software. 24 months. 100% in trust.
Solv Energy (US, engineering and construction) ─ $512.5m IPO. 20.5m shares (Primary) at $25.00 versus $22-$25 marketing. JEFF, JPM. Nasdaq “MWH”.
Spartacus Acquisition II (US, SPAC) ─ $200m IPO. 20m units (Primary) at $10.00. BTIG. Nasdaq “TMTSU”. Each unit comprises one share and one-third warrant. Igor Volshteyn. TMT, digital infrastructure and satellites services. 24 months. 100% in trust.
Wednesday
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 up to $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.
Thursday
Amkor Technology (US, semiconductor equipment) ─ $487.5m Block. 10m shares (Secondary) at $48.75 versus $48.75-$51.59 marketing and $51.59 last sale. GS. Wall cross. Kim Family is the selling shareholder.
Coherus Oncology (US, biotech) ─ $50m ABB. 28.6m shares (Primary) at $1.75 fixed price versus $2.02 last sale. TDC, GUGG, OPCO. Wall cross.
RF Acquisition III (Singapore, SPAC) – $100m IPO. 10m units (primary) at $10.00. Each unit comprises one share and one warrant. EBRD. Nasdaq “RFAM”. Alfa 30. Not defined. 21 months. 100% in trust.
Postponed
Clear Street (US, financial services) ─ $364m IPO. 13m shares (Primary) at $26-$28. GS, BOFA, MS, UBS, CLRST. Nasdaq "SGP". Was scheduled to price 2/12. Revised from 23.8m shares at $40-$44 on 2/12. BlackRock has indicated for $200m of offering. 5% DSP.