IFR US ECM Weekly Wrap-up

NEW YORK, Feb 14 (IFR) -

WEEKLY TOTAL $6.15bn – IPO $2.20bn – ABB/BLOCK $370m – FOLLOW-ON $3.10bn – CB $495m Monday

CITIC Capital Acquisition (Cayman Islands/China, SPAC) – $240m IPO. 24m units (100% prim) at $10.00, structured as one share and half of a warrant. CS. Upsized from 20m units.

Collegium Pharmaceutical (US, biotech) – $125m six-year cvt priced at 2.625%, up 35% versus talk of 2.625%-3.125%, up 30%-35%. JEFF.

Greenrose Acquisition (US, SPAC) – $150m IPO. 15m at $10.00, structured as one share and three-quarters of warrant. IMPL.

New York Mortgage Trust (US, mortgage REIT) – $269.7m Block. 44m shares (100% prim) at $6.13 fixed price versus $6.29 last sale. MS, JPM, UBS. Upsized from 40m shares.


Adverum Biotechnologies (US, biotech) – $130.6m FO. 9.5m shares (100% prim) at $13.75 versus $14.35 last sale and $12.05 at launch. GS, COWN, SVBL. Upsized from $100m.

Cogna Educação (Brazil, education) – R$2.56bn/$590m FO. 232m shares (100% prim) at R$11.00 versus R$11.15 last sale and R$11.62 at launch. ITAU, BTG, MS, BRAD, CS, JPM, SANT. Upsized from 172m shares.

Huize (China, online insurance) – $55m IPO. 5.25m ADSs (100% prim) at $10.50 versus $9.40-$11.40 marketing. CITI, CICC. Less than 10 unaffiliated corporate investors indicated interests in purchasing up to $50m of ADSs. Upsized from 4.65m ADS.

Moderna (US, biotech) – $500m FO. 26.3m shares (100% prim) at $19.00 versus $21.35 last sale and $23.65 launch. GS, MS.

Moura Dubeux (Brazil, real estate) – R$1.2bn/$289m IPO. 51.2m shares (100% prim) at R$19.00 versus R$17-$21 marketing. ITAU, CS, BRAD, BDB, CAIXA.

Revance Therapeutics (US, biotech) – $250m 7y cvt priced at 1.75%, up 32.5% versus talk of 1.75%-2.25% and 27.5%-32.5%. GS. Upsized from $200m.

Theravance Biopharma (US, biotech) – $148.5m FO. 5.5m shares (100% prim) at $27.00 versus $27.89 last sale and $30.58 launch. MS, JPM, COWN.

Xeris Pharmaceuticals (US, biotech) – $37.4m FO. 9m shares (100% prim) at $4.15 versus $4.33 last sale and $6.11 launch. JEFF, SAND, RBC, MIZU. Upsized from 6m shares.


Avrobio (US, biotech) – $100m ABB. 4.35m shares (100% prim) at $23.00 versus $22.00-$24.00 marketing and $26.91 last sale. MS, COWN, WF, GUGG.

i3 Verticals (US, fintech) – $120m 5y cvt at 1%, up 30% versus talked of 0.75%-1.25%, up 27.5%-32.5%. BAML. Upsized from $100m.

Revolution Medicines (US, biotech) – $238m IPO. 14m shares (100% prim) at $17.00 versus $16-$17 marketing. JPM, COWN, SVBL, GUGG. Upsized from 10m shares at $14-$16 on 2/11.

TFI International (Canada, freight & logistics) – $200m FO/NYSE IPO. 6m shares (100% prim) at $33.35/C$44.19 versus C$45.56 last sale and C$44.03 launch. TSX-listed. MS, BOFA, JPM, CS.


Churchill Capital Corp III (US, SPAC) – $1bn IPO. 100m units (100% prim) at $10.00, structured as one share and one-fourth of a warrant. CITI, GS. NYSE “CCXX.U”. Double-upsized from $600m and $800m.

Deciphera Pharmaceuticals (US, biotech) – $175m FO. 3.2m shares (100% prim) at $55.00 versus $58.44 last sale and $69.39 launch. JPM, PSAND, JEFF. Downsized from $250m.

Priner Servicos Industriais (Brazil, industrial maintenance/engineering) – R$174m/$53.7m IPO. 17.4m shares (100% prim) at R$10.00 versus R$10-$13 marketing. XP.

Tesla (US, electric cars) – $2bn FO. 2.65m shares (100% prim) at $767.00 versus $804.00 last sale and $767.29 launch. GS, MS.


Avadim Health (US, healthcare cosmetics) – $80m IPO. 5m shares (100% prim) at $14-$16. RJ, SUNT. (Reporting by Robert Sherwood)