IFR US ECM Weekly Review
Weekly totals
Total*: $5.5bn – IPOs $0 – ABBs/Blocks $4.9bn – Follow-ons $290m – CBs $325m – SPACs $1.7bn – International** $312m
*Excludes SPACs, International and greenshoe options. **In US dollars.
Pricings
Tuesday
Armada Acquisition III (Cayman Islands, SPAC) – $225m IPO. 22.5m units (Primary) at $10.00. COHEN, NCM. Nasdaq “AACIU”. Each unit comprises one share and one-half warrant. Stephen Herbert. Fintech. 18 months. 100% in trust.
Essential Properties Realty Trust (US, REIT) ─ $350m Block. 10.9m shares (Primary) at $32.20 versus $31.70-$32.69 marketing and $32.69 last sale. BOFA, MIZU, TRST, WF. Upsized from 9.5m shares. Structured as a forward sale.
Figure Technology Solutions (US, consumer finance) ─ $140m FO. 4.4m blockchain shares (Secondary) at $32.00 versus $36.91 last sale and $35.29 at launch. GS, MS, CANT. Upsized from 4.23m shares. Company bought back $10m of stock on offering.
Getty Realty (US, REIT) ─ $131.2m Block. 4m shares (Primary) at $32.80 versus $32.80-$33.50 marketing and $33.83 last sale. JPM, WF. Structured as a forward sale.
Portland General Electric (US, utility) ─ $480m ABB. 9.5m shares (Primary) at $50.70 versus $50.45-$51.00 marketing and $52.56 last sale. WF, BOFA, BARC, JPM. Wall cross. Structured as a forward sale.
Rockpoint Gas Storage (Canada, energy storage) ─ C$427.3m ($312m) Bought deal. 15.3m shares (Secondary) at C$28.00 fixed price versus C$29.16 at launch. RBC, JPM. Brookfield Asset Management is the selling shareholder.
Sandisk (US, storage devices) ─ $3.2bn ABB. 5.8m shares (Secondary) at $545.00 versus $535.00-$555.00 marketing and $590.59 last sale. JPM, BOFA. Wall cross. Western Digital is the selling shareholder. Conducted as debt-for-equity exchange.
WP Carey (US, REIT) ─ $432m Block. 6m shares (Primary) at $72.00 versus $72.00-$73.50 marketing and $74.16 last sale. BOFA, JPM. Structured as a forward sale. Concurrent €1bn debt offering.
Wednesday
Abony Acquisition I (Cayman Islands, SPAC) ─ $200m IPO. 20m units (Primary) at $10.00. BTIG. Nasdaq “AACOU”. Each unit comprises one share and one-third warrant. Lorne Abony/Leo Kofman. Defense technology and TMT. 24 months. 100% in trust.
Averin Capital Acquisition (US, SPAC) ─ $250m SPAC IPO. 25m units (Primary) at $10.00. DB. Nasdaq “ACAAU”. Each unit comprises one share and one-sixth warrant. Averin Capital. Not defined. 24 months. 100% in trust.
Compass Pathways (UK, biotech) ─ $150m FO. 18.8m ADRs (Primary) at $8.00 versus $8.45 last sale and $7.63 at launch. JEFF, TDC, CANT, STFL. Reverse inquiry. Structured with pre-funded warrants.
Eupraxia Pharmaceuticals (Canada, biotech) ─ $55m ABB. 7.9m shares (Primary) at $7.00 fixed price versus $8.16 last sale. CANT, LSCI. Upsized from $40m. Wall cross. Structured with pre-funded warrants.
Paloma Acquisition I (Cayman Islands, SPAC) ─ $150m IPO. 15m units (Primary) at $10.00. JEFF. Nasdaq “PALOU”. Each unit comprises one share and one-half warrant. Paloma Capital. Natural resources. 24 months. 100% in trust.
Thursday
Bitdeer Technologies (Singapore, bitcoin mining/HPC) ─ $325m 6y cvt priced at 5%, up 25% versus 4%-5% and 25% fixed marketing. BARC, MS. Upsized from $300m. Concurrent registered direct offering of 5.5m shares at $7.94 ($43.5m). Concurrently repurchased $135m principal of 5.25% CB due in 2029 for $138.2m. Capped call to $15.88, a 100% premium.
Candel Therapeutics (US, biotech) ─ $100m ABB. 18.3m shares (Primary) at $5.45 versus $5.45-$5.65 marketing and $5.95 last sale. CITI, CANT, STFL. Wall cross. Concurrent $100m royalty sale to RTW Investments.
Select Water Solutions (US, oilfield services) ─ $175m ABB. 13.7m shares (Primary) at $12.75 versus $12.75-$13.25 marketing and $14.22 last sale. JPM, BOFA. Wall cross.