IFR US ECM Weekly Review
Weekly totals
Total*: $10.8bn – IPOs $560m – ABBs/Blocks $6.2bn – Follow-ons $3.1bn – CBs $925m – SPACs $300m – International** $256m.
*Excludes SPACs, ex-US deals and closed-end funds. **In US dollars.
Pricings
Friday (Feb 27)
AGT Food and Ingredients (Canada, food) ─ C$449.5m TSX IPO (Primary, Secondary). 19.5m shares at C$23.00 versus marketing of 15.33m-17.69m shares at C$26-$30. NBF, SCOT. TSX “AGTF”. OMERS was the selling shareholder. Concurrent $200m private placement by Fairfax Financial.
Monday
Alignment Healthcare (US, healthcare insurance) ─ $256.2m Block. 13.2m shares (Secondary) at $19.46 versus $19.46-$19.65 marketing and $19.65 last sale. JPM. General Atlantic is the selling shareholder.
Amer Sports (Finland, sporting goods) ─ $750m ABB. 20.6m shares (Primary) at $36.40 versus $36.10-$37.00 marketing and $37.89 last sale. BOFA, JPM. Wall cross.
BrightSpring Health Services (US, healthcare services) ─ $822.8m Block. 20m shares (Secondary) at $41.15 versus $41.15-$41.58 marketing and $41.58 last sale. GS. Company bought back 1.5m of shares sold in the offering. KKR & Co is leading selling shareholder.
H2O America (US, water utilities) ─ $608.7m ABB. 11.5m shares (Primary) at $53.00 versus $52.25-$53.50 marketing and $54.41 last sale. JPM, WF. Upsized from $550m. Wall cross. Forward sale of 7.5m shares.
NRG Energy (US, electric utilities) ─ $2.35bn ABB. 14.3m shares (Secondary) at $164.00 versus $163.50-$168.00 marketing and $175.58 last sale. BARC, CITI. Upsized from 12.3m shares. Company bought back another $300m from selling shareholder LS Power in a concurrent private placement.
Viper Energy (US, energy E&P) ─ $798m ABB. 17.4m shares (Secondary) at $45.90 versus $45.90-$46.40 marketing and $47.59 last sale. GS, JPM. Diamondback Energy, EnCap Investments and Capital Management are the selling shareholders. Company bought back 1m shares from Oaktree in a separate private placement.
Tuesday
Crescent Energy (US, oil & gas explorer) ─ $600m 5y cvt priced at 2.75%, up 32.5% versus 2.75%-3.25% and 27.5%-32.5% marketing. GS, KKR, RBC. Upsized from $400m. Using $512m of proceeds to fully redeem 9.25% senior notes due 2028. Capped call to $22.48, a 100% premium.
GalaxyEdge Acquisition (Cayman Islands, SPAC) ─ $100m IPO. 10m units (Primary) at $10.00. KGSW. NYSE "GLEDU”. Each unit comprises one share and one-fourth right. Ping Zhang. Not defined. 21 months. 100% in trust.
Indie Semiconductor (US, semiconductor) ─ $150m 5y cvt priced at 4%, up 22.5% versus 3.5%-4% and 22.5%-27.5% marketing. DB, TDC. Wall cross. Using $107.8m of proceeds to buy back $104m of $130m principal 4.5% CB due 2027.
Kensington Capital Acquisition VI (Cayman Islands, SPAC) ─ $200m IPO. 20m units (Primary) at $10.00. BARC, COHEN. Nasdaq “HCICU”. Each unit comprises one share and one-quarter Class 1 warrant, three-quarters Class 2 warrants. Justin Mirro. Automotive. 24 months. 100% in trust.
Kraken Robotics (Canada, 3D imaging) ─ C$350m ($256m) Bought deal. 41.2m subscription receipts at C$8.50 versus C$9.36 last sale. SCOT, DESJ. Partial funding for the C$615m Covelya Group acquisition.
Wednesday
Dave (US, financial services) ─ $175m 5y cvt priced at 0%, up 32.5% versus 0%-0.5% and 27.5%-32.5% marketing. JPM, UBS, EVER. Upsized from $150m. Capped call to $431.34, a 100% premium. Concurrent $70.4m stock buyback to facilitate delta-hedging.
Medline (US, medical supplies) ─ $3.1bn FO. 75m shares (Secondary) at $41.00 versus $42.88 last sale and $45.85 at launch. GS, MS, BOFA, JPM. Blackstone, Carlyle, Hellman & Friedman and Abu Dhabi Investment Authority are the selling shareholders.
Sotera Health (US, lab services) ─ $385m Block. 25m shares (Secondary) at $15.40 versus $15.40-$15.65 marketing and $15.76 last sale. WF. Warburg Pincus and GTCR are the selling shareholders.
Thursday
Ingram Micro (US, IT services) ─ $200m ABB. 9m shares (Secondary) at $22.25 versus $22.25-$25.50 marketing and $26.36 last sale. MS, GS, JPM. Company bought back an additional $75m (increased from $50m) from selling shareholder Platinum Equity. Wall cross.
MiniMed (US, medical devices) ─ $560m IPO. 28m shares (Primary) at $20.00 versus $25-$28 marketing. GS, BOFA, CITI, MS. Nasdaq “MMED”. Spin-off from Medtronic.
REalloys (US, rare earth metals) ─ $50m ABB. 2.7m shares (Primary) at $18.50 versus $21.69 last sale. CLRST, NEED.
Robinhood Ventures Fund I (US, closed end fund) ─ $315.4m IPO. 12.6m shares (Primary) at $25.00 fixed price. GS. Downsized from 40m shares. Marketing extended from scheduled 2/25 pricing.