IFR US ECM Weekly Review
Weekly totals
Total*: $9.9bn – IPOs $400m – ABBs/Blocks $2.9bn – Follow-ons $916m – CBs $5.6bn – SPACs $936m.
*Excludes SPACs and greenshoe options.
Pricings
Monday
CenterPoint Energy (US, electric utility) ─ $600m 3y cvt priced at 2.875%, up 30% versus 2.75%-3.25% and 25%-30% marketing. JPM, BARC, CITI, MS, WF. Upsized from $550m.
ClearThink 1 Acquisition (Cayman Islands, SPAC) ─ $125m IPO. 12.5m units (Primary) at $10.00. DBORAL. Nasdaq “CTAAU”. Downsized from 15m units. Each unit comprises one share and one-fifth right. William Brock. Undefined. 21 months. 100% in trust.
Consolidated Edison (US, electric utility) ─ $777m Block. 7m shares (Primary) priced at $111.00 versus $111.00-$112.14 marketing and $112.14 last sale. JPM. Forward sale.
Itron (US, energy infrastructure) ─ $700m 6y cvt priced at 0%, up 30% versus 0%-0.5% and 22.5%-27.5% marketing. JPM, WF, BNPP. Upsized from $600m. Concurrent $100m share repurchase. Capped call to $190.42, a 100% premium.
PPL (US, electric utility) ─ $1bn 3y mand cvt priced at 7% div, up 25% versus 6.75%-7.25% and 20%-25% marketing. JPM, BOFA, MS, RBC. NYSE “PPLU”.
Tuesday
Bicara Therapeutics (US, biotech) ─ $150m ABB. 9.4m shares (Primary) at $16.00 versus $16.00 fixed price marketing and $16.24 last sale. MS, TDC, BOFA, CANT, STFL. Wall cross. Includes pre-funded warrants.
Mozayyx Acquisition (Cayman Islands, SPAC) ─ $261m IPO. 26.1m units (Primary) at $10.00. CANT. NYSE “MYZX.U”. Upsized from $250m. Each unit comprises one share and one-quarter warrant. Benjamin Zucker. Tech, fintech, AI. 24 months. 100% in trust.
Tandem Diabetes Care (US, medical devices) ─ $265m 6y cvt priced at 0%, up 37.5% versus 0% fixed and 30%-35% marketing. GS, BARC. Upsized from $200m. Capped call to $47.075, a 75% premium.
Whirlpool (US, household appliances) ─ $475m FO. 6.9m shares (Primary) at $69.00 versus $71.67 last sale and $83.21 at launch. WF, JPM, CITI, BNPP, MIZU. Upsized from $400m. Concurrent $525m mand cvt upsized from $400m.
Whirlpool (US, household appliances) ─ $525m 3y mand cvt priced at 8.5% div, up 17.5% versus 8.25%-8.5% and 17.5%-22.5% marketing. WF, JPM, CITI, BNPP, MIZU. Upsized from $400m. Concurrent $475m common offering upsized from $400m.
Zura Bio (US, biotech) ─ $125m ABB. 20m shares (Primary) at $6.25 versus $6.00-$6.25 marketing and $6.69 last sale. LEER, PS, CANT. Upsized from $100m. Wall cross. Includes pre-funded warrants.
Wednesday
Apex Tech Acquisition (Cayman Islands, SPAC) ─ $100m IPO. 10m units (Primary) at $10.00. AGP. Nasdaq “TRADU”. Upsized from $60m. Each unit comprises one share and one-sixth right. Shaoren Liu. China. 15 months. 100% in trust.
Fortress Value Acquisition V (US, SPAC) ─ $250m IPO. 25m shares (Primary) at $10.00. Stock-only structure. DB. Nasdaq “FVAV”. Fortress. Not defined. 24 months. 100% in trust.
Innovex International (US, oilfield services) ─ $148.1m ABB. 5.8m shares (Secondary) at $25.75 versus $25.50-$26.50 marketing and $29.25 last sale. JPM, CITI, JEFF, PS. Company bought back 575,000 of shares sold in offering.
Larimar Therapeutics (US, biotech) ─ $100m ABB. 20m shares (Primary) at $5.00 versus $4.75-$5.25 marketing and $5.95 last sale. JPM, GUGG, LSCI, WBLR. Wall cross. Upsized from $75m. Structured with pre-funded warrants.
LifeStance Health (US, healthcare services) ─ $176m Block. 25m shares (Secondary) at $7.04 versus $7.04-$7.41 marketing and $7.41 last sale. JPM. Company concurrently buying back 7m shares on offering.
Metropolitan Bank (US, regional bank) ─ $178.5m ABB. 2.1m shares (Primary) at $85.00 versus $83.00-$86.00 marketing and $93.85 last sale. UBS, HOVD. Wall cross.
Palvella Therapeutics (US, biotech) ─ $200m FO. 1.6m shares (Primary) at $125.00 versus $128.60 last sale and $120.41 at launch. TDC, CANT, STFL, MIZU, LSCI, OPCO, CGEN, HCW. Upsized from $150m.
TRG Latin America Acquisitions (US, SPAC) ─ $200m IPO. 20m units (Primary) at $10.00. SANT. Nasdaq “TRGSU”. Each unit comprises one share and one-tenth right. TRG Management. Latin America/Argentina. 24 months. 100% in trust.
Vir Biotechnology (US, biotech) ─ $150m FO. 17.6m shares (Primary) at $8.50 versus $9.49 last sale and $7.43 at launch. GS, LEER, GUGG, BARC. Downsized from $200m.
Thursday
Duos Technologies (US, software) ─ $65m ABB. 8.7m shares (Primary) at $7.50 versus $8.79 last sale. TITN.
Generate Biomedicines (US, biotech) ─ $400m IPO. 25m shares (Primary) at $16.00 versus $15-$17 marketing. GS, MS, PS, GUGG, CANT. Nasdaq "GENB".
Illumination Acquisition I (US, SPAC) ─ $200m IPO. 20m units (Primary) at $10.00. BTIG. Nasdaq “ILLUU”. Each unit comprises one share and one-third warrant. John Lipman. Undefined. 24 months. 100% in trust.
Kratos Defense and Security Solutions (US, aerospace & defense) ─ $1.2bn ABB. 14.3m shares (Primary) at $84.00 versus $83.00-$85.00 marketing and $92.14 last sale. BAIRD, RJ, RBC, TRST. Upsized from $1bn. Wall cross.
LSI Industries (US, electrical components & equipment) ─ $90.9m FO. 4.6m shares (Primary) at $19.75 versus $22.47 last sale and $21.96 at launch. OPCO, CHLM. Wall cross.
NextEra Energy (US, electric utility) ─ $2bn 3y mand cvt priced at 7.125% div, up 25% versus 7.125%-7.625% and 25% fixed marketing. WF, BOFA, CITI, MIZU.
Ultra Clean (US, semiconductor equipment) ─ $525m 5y cvt priced 0%, up 42.5% versus 0% fixed and 35%-40% marketing. BARC, UBS. Upsized from $400m. Capped call to $104.07, a 75% premium. Concurrent $40m share repurchase (672,608 shares).