IFR US ECM Calendar
March 2: Amer Sports (Finland, sporting goods) ─ $750m ABB. Fixed size (Primary) marketed at $36.10-$37.00 versus $37.89 last sale. BOFA, JPM. Wall cross.
March 2: BrightSpring Health Services (US, healthcare services) ─ $831.6m Block. 20m shares (Secondary) marketed at $41.15-$41.58 versus $41.58 last sale. GS. Company is buying back up to 10% (or $60m) of shares sold in the offering.
March 2: H2O America (US, water utilities) ─ $550m ABB. Fixed size (Primary) marketed at $52.25-$53.50 versus $54.41 last sale. JPM, WF. Wall cross. Structured as a forward sale.
March 2: NRG Energy (US, electric utilities) ─ $2.07bn ABB. 12.3m shares (Secondary) at $163.50-$168.00 versus $175.58 last sale. BARC, CITI. Company is buying back another $300m from selling shareholder LS Power in a concurrent private placement.
March 2: Viper Energy (US, energy E&P) ─ $807m Block. 17.4m shares (Secondary) marketed at $45.90-$46.40 versus $47.59 last sale. GS, JPM. EnCap Investments and OakTree Capital Management are the selling shareholders. Company is buying back 1m partnership units from OakTree in a separate private placement.
March 3: Crescent Energy (US, oil & gas explorer) ─ $400m 5y cvt marketed at 2.75%-3.25%, up 27.5%-32.5%. GS, KKR, RBC. Redeem 9.25% senior notes. Capped call.
March 5: MiniMed (US, medical devices) ─ $784m IPO. 28m shares (Primary) at $25-$28. GS, BOFA, CITI, MS. Nasdaq “MMED”. Spin-off from Medtronic.
March 5: Robinhood Ventures Fund I (US, closed end fund) ─ $1bn IPO. 40m shares (Primary, Secondary) at $25.00. GS. Robinhood Markets is selling 5m shares. Marketing extended from scheduled 2/25 pricing.
March 11: PayPay (Japan, fintech)─ $1.1bn IPO. 55m ADSs (Primary, Secondary) at $17-$20. GS, JPM, MIZU, MS. NYSE “PAYP”. Qatar Holding, Visa International Service Association and Abu Dhabi Investment Authority have indicated from $220m combined of offering. SoftBank is the selling shareholder.