IFR US ECM Weekly Review
Weekly totals
Total*: $5.4bn – IPOs $0 – ABBs/Blocks $470m – Follow-ons $720m– CBs $4.2bn – SPACs $350m
*Excludes SPACs, ex-US deals, closed-end funds and overallotments.
Pricings
Monday
ACP Holdings Acquisition (Cayman Islands, SPAC) – $200m IPO. 20m units (Primary) at $10.00. ROTH. Nasdaq “ACGCU”. Atlas Credit Partners. Not defined. 18 months. 100.5% in trust.
Apogee Acquisition (Cayman Islands, SPAC) ─ $150m IPO. 15m units (Primary) at $10.00. ARC. Nasdaq “AACPU”. Each unit comprises one share, one warrant, and one-fifth right. Jeffery Smith. Enterprise software. 18 months. 100% in trust. Downsized from 25m units. Revised from one share and one-half warrant gearing on March 23.
Atlas Energy Solutions (US, oilfield services) ─ $390m 5y cvt priced at 0.5%, up 30% versus 0.5%-1% and 27.5%-32.5% marketing. JPM, BOFA, BARC. Upsized from $300m. Capped call to $22.32, a 100% premium.
Mach Natural Resources (US, energy MLP) ─ $117.5m Block. 9m shares (Secondary) at $13.05 versus $13.05-$13.45 marketing and $14.15 last sale. MS. Affiliates of CEO Tom Ward indicated for $2m of shares sold in the offering. Vepu, Simlog and Sabinal Energy are the selling shareholders.
Tuesday
Legence (US, industrial) ─ $722.9m FO. 13.4m shares (Secondary) at $54.00, versus $54.98 last sale and $58.68 at launch. GS, JEFF, BOFA. Upsized from 11m shares. Blackstone Group is the selling shareholder.
Scorpio Tankers (Monaco, oil tankers) – $350m 5y cvt priced at 1.75%, up 35% versus fixed price marketing. MS. Upsized from $300m. Wall-cross. Concurrent $100m share repurchase to facilitate delta hedging.
Tamboran Resources (Australia, energy E&P) ─ $103.8m ABB. 3m shares (Primary) at $35.00 versus $35.00-$37.00 marketing and $45.34 last sale. RBC, WF. Wall cross. Entitlement offering with Australian investors via registered direct offering to be completed within five days.
Wednesday
Forte Biosciences (US, biotech) ─ $150m ABB. 5.7m shares (Primary) at $27.27 versus $26.27 last sale. GUGG, BARC. Wall cross. Upsized from $125m.
New Era Energy & Digital (US, AI infrastructure) ─ $100m ABB. 29.9m shares (Primary) at $3.35 versus $4.14 last sale. NORTH.
Thursday
CoreWeave (US, AI infrastructure) – $3.5bn 6.5y cvt priced at 1.75%, up 30% versus 1.5%-2% and 27.5%-32.5% marketing. GS, JPM, MS. Upsized from $3bn. Company spent $430.5m of proceeds on capped call to offset dilution up to $230.00, a 150% premium.
Nouveau Monde Graphite (Canada, mining) ─ $84m Bought deal. 45.6m shares (Primary) at $1.84 versus $1.84 fixed price marketing and $2.35 last sale. BMO, NBF. Concurrent $213m private placement. In US dollars.