IFR US ECM Weekly Review
Weekly totals
Total*: $8.5bn – IPOs $1.2bn – ABBs/Blocks $3.5bn – Follow-ons $1.3bn – CBs $2.6bn – SPACs $470m – International** $184m
*Excludes SPACs, ex-US deals and closed-end funds. **In US dollars.
Pricings
Monday
Diversified Energy (US, energy E&P) ─ $108.4m Block. 7.5m shares (Secondary) at $14.45 versus $14.73 last sale. CITI. EIG clean up trade. Company bought back 3.75m shares sold in the offering.
Duke Energy (US, electric utilities) ─ $1.3bn 3y cvt priced at 3%, up 22.5% versus 2.75%-3.25% and 22.5%-27.5%. MS, CITI, WF. Upsized from $1bn. Using proceeds to repay $1.725bn principal 4.125% CB at maturity on April 15.
Tuesday
BKV (US, energy E&P) ─ $261.7m Block. 9.7m shares (Primary, Secondary) at $27.00 versus $27.00-$28.00 marketing and $28.94 last sale. RBC. Wall cross. Bedrock Energy Partners is the selling shareholder.
CRISPR Therapeutics (Switzerland, biotech) ─ $550m 5y cvt priced at 1.125%, up 45% versus 0.75%-1.25% and 35%-40% marketing. JEFF, JPM. Upsized from $350m.
Diamondback Energy (US, energy E&P) ─ $1.9bn ABB. 11m shares (Secondary) at $172.25 versus $172.25-$176.00 marketing and $178.37 last sale. EVER, CITI, JPM. Wall cross. Autry Stephens estate is the selling shareholder.
Dianthus Therapeutics (US, biotech) ─ $625m FO. 7.7m shares (Primary) at $81.00 versus $86.92 last sale and $79.23 at launch. JEFF, TDC, EVER, STFL, GUGG, WBLR. Upsized from $400m. Includes pre-funded warrants.
Kosmos Energy (US, energy E&P) ─ $185.3m ABB. 97.5m shares (Primary) at $1.90 versus $1.90-$2.20 marketing and $2.41 last sale. BARC, STFL.
Pague Menos (Brazil, pharmacy chain) ─ R$458.5m (US$89m) FO. 70m shares (Primary, Secondary) at R$6.55 versus R$6.55 last sale and R$6.82 at launch. BTG, ITAU, XP, BRAD, SANT. Queiros family is the selling shareholder.
Suma Acquisition (US, SPAC) ─ $150m IPO. 15m units (Primary) at $10.00. SEAP. Nasdaq “SUMAU”. Each unit comprises one share and one-fifth right. Naseem Saloojee. Tech. 24 months. 100% in trust.
Xenon Pharmaceuticals (Canada, biotech) ─ $650m FO. 11.4m shares (Primary) at $57.00 versus $60.61 last sale and $62.76 at launch. JPM, JEFF, TDC, STFL, RBC, WBLR. Upsized from $500m. Includes pre-funded warrants.
Wednesday
Aecon (Canada, construction) ─ C$150m ($95m) Bought deal. 3.8m shares (Primary) at C$39.25 fixed price versus C$41.45 last sale. CIBC, TD.
GlobalFoundries (US, semiconductors) ─ $840m ABB. 20m shares (Secondary) at $42.00 versus $41.60-$42.50 marketing and $44.09 last sale. JPM, MS, BOFA, CITI, GS. Wall cross. Company bought back another $300m of stock from selling shareholder Mubadala Technology Investment in a private placement.
MDA Space (Canada, aerospace & defense) ─ $300m NYSE IPO. 9.8m shares (Primary) at $30.50 versus C$44.44 ($33.46) TSX last sale and C$44.47 at launch. JPM, RBC, BMO, DB, JEFF, SCOT, CGEN.
Metals Acquisition II (Cayman Islands, SPAC) ─ $200m IPO. 20m units (Primary) at $10.00. Each unit comprises one share and one-third warrant. COHEN. NYSE “MTAL.U”. Michael James McMullen. Strategic minerals. 24 months. 100% in trust.
Northern Oil & Gas (US, energy E&P) ─ $196.4m Block. 7.2m shares (Primary) at $27.25 versus $27.75-$28.25 marketing and $28.59 last sale. BOFA.
PayPay (Japan, fintech) ─ $880m IPO. 55m ADSs (Primary, Secondary) at $16.00 versus $17-$20 marketing. GS, JPM, MIZU, MS. NYSE “PAYP”. Qatar Holding, Visa International Service Association and Abu Dhabi Investment Authority have indicated for $220m combined of offering. SoftBank is the selling shareholder.
Thursday
Indivior Pharmaceuticals (US, pharmaceuticals) ─ $450m 5y cvt priced at 0.625%, up 35% versus 0.625%-1.125% and 30%-35% marketing. JEFF, BARC, PS, TRST. Upsized from $400m. Concurrent $75m share repurchase to facilitate delta hedging.
Par Technology (US, enterprise software) ─ $ 250m 5y cvt priced at 4%, up 20% versus 3.5%-4% and 20%-25% marketing. JPM. Upsized from $225m. Concurrent $33m share repurchase to facilitate delta hedging. Advisor J Wood Financial purchased $10m of stock via concurrent private placement. Concurrently repurchased $207.5m of $265m principal 1.5% CB maturing in 2027.
Pono Capital Four (Cayman Islands, SPAC) ─ $120m IPO. 12m units (Primary) at $10.00. DBORAL. Nasdaq “PONOU”. Downsized from $150m. Each unit comprises one share and one-fifth right. Dustin Shindo. Growth technology. 24 months. 100% in trust.