February 8, 2019 / 10:46 PM / 6 months ago

IFR Americas ECM Weekly Wrap

NEW YORK, Feb 8 (IFR) -

US WEEKLY TOTAL $3,418.3m – IPO $927.0m – ABB/BLOCK $630.7m – FOLLOW-ON $1,375.0m – CB $485.0m Monday Dream Industrial REIT (Canada, industrial REIT) – C$125m Block. 12m units (100% sec) at C$10.45 versus C$10.77 last sale. TD.

Invesco Mortgage Capital (US, mortgage REIT) – $220.2m Block. 14m shares (100% prim) at $15.73 versus $15.73 fixed price marketing and $16.30 last sale. MS, CITI, CS.

Marcus Corp (US, movie theaters) – $60.4m Block. 1.5m shares (100% sec) at $40.25 versus $40.25-$40.72 marketing and $40.72 last sale. GS.

OPKO Health (US, medical tests) – $200m 6y cvt priced at 4.25%, up 20%. JEFF.

WPT Industrial Real Estate Investment Trust (Canada, REIT) – $135m Block. 10m units (100% prim) at $13.50 versus $14.09 last sale. DESJ, RBC, BMO. In $US dollars. Tuesday Aeglea Bio Therapeutics (US, biotech) – $60m ABB. 3.75m shares (100% prim) at $8.00 concurrent with 3.75m pre-funded warrants at $7.99 versus $9.40 last sale. JPM, EVER. Upsized from $50m. Wealthbridge Acquisition (US, SPAC) – $50m IPO. 5m units (100% prim) at $10.00. Each unit comprised of one share, one-half warrant exercisable at $11.50 and right to receive one share for 10 warrants on acquisition. CHAR. Wednesday Alector (US, biotech) – $175.8m IPO. 9.25m shares (100% prim) at $19 versus $18-$20 marketing. MS, BAML, COWN, BARC. Nasdaq “ALEC”. Existing shareholders have indicated for up $85m.

Monocle Acquisition (US, SPAC) – $150m IPO. 15m units (100% prim) at $10.00 fixed. Each unit comprised of one share, one warrant exercisable at $11.50. COWN, CHDN. Nasdaq “MNCL”. Thursday

Gossamer Bio (US, biotech) – $276m IPO. 17.3m shares (100% prim) at $16.00 fixed-price marketing. BAML, SVBL, BARC, EVER. Existing holders indicated for up to $100m. Upsized 20% from 14.4m shares.

Harpoon Therapeutics (US, biotech) – $75m IPO. 5.4m shares (100% prim) at $14 versus $13-$15 marketing. CITI, SVBL. Existing shareholders have indicated for up to $40m.

Pinduoduo (China, e-commerce) – $1.38bn FO. 55m ADS (71% prim, 29% sec) at $25 versus $26.51 last sale and $29.93 at launch. GS, MS, BAML, CICC, CREN. Upsized from 51.9m ADS.

Presidio (US, IT services) – $61m Block. 4m shares (100% sec) at $15.25 versus $15.25-$15.50 marketing and $15.85 last sale. JPM.

RMG Acquisition (US, SPAC) – $200m IPO. 20m units (100% prim) to be marketed at $10.00, with each unit consisting of one share and one-third warrant exercisable at $11.50. DB, STFL.

Tabula Rasa Healthcare (US, healthcare IT) – $285m 7y cvt at 1.75%, up 32.5% versus talk of 1.75%-2.25% and 27.5%-32.5%. CITI, BAML. Upsized from $250m.


February 12: Virgin Trains USA (US, passenger rail) – $538.4 IPO. 28.3m shares (100% prim) at $17-$19. BARC, JPM, MS. Virgin to invest in private placement for up to 2% of company, Fortress to buy undisclosed number of shares in IPO.

February 13: TCR2 Therapeutics (US, biotech) – $80m IPO. 5m shares (100% prim) at $14-$16. JEFF, LEER, BMO. Nasdaq “TCRR”. Existing shareholders have indicated for up to $30m.

February 13: Avedro (US, medical devices) – $80m IPO. 5m shares (100% prim) at $14-$16. BAML, JPM. Nasdaq “AVDR”.

February 13: Cibus (Bermuda, ag biotech) – $106.7m IPO. 6.67m shares (100% prim) at $14-$16. MS, BAML, PJ.

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”.


Avantor (US, lab services)– $100m IPO. Terms TBD (100% prim). GS, JPM.

The daily IFR US ECM Briefing covers US, Canadian and LatAM IPOs, as well as secondary and convertible offerings.Reporting By Robert Sherwood

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