IFR Americas ECM Pipeline

NEW YORK, Feb 14 (IFR) -


8x8 (US, telecom equipment) - $250m 5y CB priced at 0.5%, up 30% versus talk of 0.5%-1% and 27.5%-32.5%. MS. Upsized from $200m.

Avedro (US, medical devices) – $70m IPO. 5m shares (100% prim) at $14.00 versus $14-$16 marketing. BAML, JPM.

HubSpot (US, software) – $313.5m Block. 1.9m shares (100% prim) at $165.00 versus $165.00-$170.00 marketing and $171.87 last sale. MS. Upsized from 1.7m shares.

Inovio Pharmaceuticals (US, biotech) – $65m 5y CB priced at 6.5%, up 15% versus talk of 6%-6.5% and 15%-20%. PJ, CANT.

TCR2 Therapeutics (US, biotech) – $75m IPO. 5m shares (100% prim) at $15.00 versus $14-$16 marketing. JEFF, LEER, BMO. Existing shareholders indicated for up to $30m of shares in the offering.

Xeris Pharmaceuticals (US, biotech) – $58.8m FO. 5.88m at $10.00 versus $10.54 last sale and $14.70 launch. JEFF, RBC, MIZU. Upsized from 5m shares.


February 15: Cibus (US, ag biotech) – $106.7m IPO. 6.67m shares (100% prim) at $14-$16. MS, BAML, PJ. Pending update, following postponement from 2/14 (PM) expected pricing.

February 14: Innovative Industrial Properties (US, REIT) – $100m 5y CB talked at 3.25%–3.75%, up 15%–20%. BTIG, LADT, COMP. Pricing timeline TBD.

February 14: Stealth BioTherapeutics (Cayman Islands, biotech) – $86.8m IPO. 6.2m shares (100% prim) at $12-$14. Nasdaq “MITO”. JEFF, EVER, BMO, NOM. Morningstar Venture Investments and associates have indicated interest in buying $60m of shares.

February 14: Watford Holdings (Bermuda, reinsurance) – Direct listing. JPM, BARC, MS. Nasdaq “WTRE”.

February 21: Acamar Partners (US, SPAC) – $300m IPO. 30m units (100% prim) marketed at $10.00. Each unit comprised of one share and one-third of a warrant exercisable at $11.50. GS, DB.