IFR US ECM Weekly Review
Weekly totals
Total*: $1bn – IPOs $210m – ABBs/Blocks $300m – Follow-ons $500m– CBs $0 – SPACs $200m
*Excludes SPACs, ex-US deals and closed-end funds.
Pricings
Monday
KPET Ultra Paceline (Cayman Islands, SPAC) ─ $200m IPO. 20m units (Primary) at $10.00. DB. NYSE “KPET.U”. Each unit comprises one share and one-sixth warrant. Karl Peterson. Not defined. 24 months. 100% in trust.
Tuesday
HMH (US, oilfield services) – $210.4m IPO. 10.5m shares (Primary) at $20.00 versus $19-$22 marketing. JPM, PS, EVER, CITI, DNB, STFL. Nasdaq “HMHW”. A portion of proceeds used to repurchase 4.2m shares from Baker Hughes and Akastor for $40.5m.
Service Properties Trust (US, hospitality REIT) ─ $500m FO. 416.7m shares (Primary) at $1.20 versus $1.36 last sale and $1.79 at launch. YORK, JONES. Wall cross. Backed with $150m of indications of interest from Helix Partners and RMR Group, plus incremental support from members of the management team.
Wednesday
Celldex Therapeutics (US, biotech) ─ $300m ABB. 10.3m shares (Primary) at $29.00 versus $29.00-$29.50 marketing and $31.26 last sale. LEER, TDC. Upsized from $250m. Wall cross.