IFR US ECM Weekly Review
Weekly totals
Total*: $8.9bn – IPOs $4.5bn – ABBs/Blocks $1.4bn – Follow-ons $2.1bn – CBs $920m – SPACs $435m.
*Excludes SPACs, ex-US deals, closed-end funds and overallotments.
Pricings
Monday
Maywood Acquisition 2 (US, SPAC) - $100m IPO. 10m units (Primary) at $10.00. DBORAL. Nasdaq. “MYXXU”. Each unit comprises one share and one-seventh right. Zikang Wu. Undefined. 18 months. 100% in trust.
Tuesday
Allogene Therapeutics (US, biotech) ─ $175m FO. 87.5m shares (Primary) at $2.00 versus $2.28 last sale and $3.06 at launch. GS, JEFF, TDC.
Borr Drilling (Bermuda, offshore drilling) ─ $260m 7y cvt priced at 3.5%, up 40% versus 3.375%-3.875% and 35%-40% marketing. MS, CLRK. Upsized from $250m. Wall-cross. Using $224.5m of proceeds to buy back $195.2m of $239.4m principal 5% CB due 2028.
Lucid Group (US, EV manufacturing) – $300m Block. 36m shares (Primary) at $8.32. BOFA. Uber Technologies purchased an additional $200m and Saudi Arabian sovereign wealth fund PIF $550m in concurrent private placements in $1.05bn equity financing. Priced pre-market open April 14.
NewHold Investment IV (Cayman Islands, SPAC) – $175m IPO. 17.5m units (Primary) at $10.00. BTIG. Nasdaq “NHIVU”. Each unit comprises one share and one-third warrant. Newhold Enterprises. Not defined. 24 months. 100% in trust.
QuasarEdge Acquisition (Cayman Islands, SPAC) – $100m IPO. 10m units (Primary) at $10.00. KGSW. Nasdaq “QREDU”. Upsized from $60m. Each unit comprises one share and one-seventh right. Yanfang Chen. Targets in China. 12 months. 100% in trust.
Revolution Medicines (US, biotech) ─ $1.5bn FO. 10.6m shares (Primary) at $142.00 versus $147.01 last sale and $136.30 at launch. JPM, TDC, GUGG. Upsized from $750m. Concurrent $500m 7y cvt offering.
Revolution Medicines (US, biotech) ─ $500m 7y cvt priced at 0.5%, up 40% versus 1%-1.5% and 37.5%-42.5% marketing. JPM, TDC, GUGG. Upsized from $250m. Concurrent $1.5bn follow-on offering.
Spyre Therapeutics (US, biotech) ─ $403m FO. 6.5m shares (Primary) at $62.00 versus $64.01 last sale and $63.27 at launch. JEFF, GS, EVER, GUGG, LSCI. Upsized from $300m.
T1 Energy (US, solar energy) – $160m 5y cvt priced at 4.00%, up 40% versus 3.75%-4.25% and 35%-40% marketing. SANT, JPM. Upsized from $125m.
TeraWulf (US, high performance computing) ─ $900.6m ABB. 47.4m shares (Primary) at $19.00 versus $18.75-$19.75 marketing and $20.95 last sale. MS. Upsized from $800m. Wall cross.
Wednesday
Arxis (US, aerospace and defense) ─ $1.13bn IPO. 40.5m shares (Primary) at $28.00 versus $25-$28 marketing. GS, MS, JEFF. Nasdaq "ARXS". Upsized from 37.7m shares. Capital International, Capital Research Global, Janus Henderson and T Rowe Price indicated for $400m combined of the offering. 5% DSP.
Madison Air Solutions (US, industrial) ─ $2.23bn IPO. 82.7m shares (Primary) at $27.00 versus $25-$27 marketing. GS, BARC, JEFF, WF. NYSE “MAIR”. Morgan Stanley Investment Management, Durable Capital and HRTG indicated for $525m combined of the offering. Founder Larry Gies purchased $100m of Class B shares through concurrent private placement.
Southern First Bancshares (US, bank) ─ $56.7m ABB. 1.05m shares (Primary) at $54.00 versus $53.00-$54.50 marketing and $58.87 last sale. PS. Wall cross.
Thursday
Aevex (US, aerospace and defense) ─ $320m IPO. 16m shares (Primary, Secondary) at $20.00 versus $18-$21 marketing. GS, BOFA, JEFF. NYSE "AVEX". Madison Dearborn is the controlling shareholder. 5% DSP.
Alamar Biosciences (US, medtech) ─ $191.3m IPO. 11.3m shares (Primary) at $17.00 versus $15-$17 marketing. JPM, BOFA, TDC, LEER, STFL. Upsized from 9.4m shares. Nasdaq “ALMR”.
Jatt II Acquisition (Cayman Islands) ─ $60m IPO. 6m shares (Primary) at $10.00. GUGG. Nasdaq “JATT”. Stock-only structure. Someit Sidhu. Life sciences. 24 months. 100% in trust. Access Industries indicated for $30m of the offering.
Kailera Therapeutics (US, biotech) ─ $625m IPO. 39.1m shares (Primary) at $16.00 versus $14-$16 marketing. JPM, JEFF, LEER, TDC, EVER. Nasdaq “KLRA”. Upsized from 33.3m shares. Affiliates of Bain Capital indicated for up to $225m of the offering.
Trevi Therapeutics (US, biotech) ─ $150.8m ABB. 11.6m shares (Primary) at $13.00 versus $13.00-$13.50 marketing and $14.27 last sale. MS, LEER, CANT, STFL. Wall cross.