September 17, 2017 / 11:56 AM / in 3 months

IFR Americas ECM Weekly Wrap-up

Sept 17, 2017 - THIS WEEK’S DEALS (OVER $50M) WEEK TOTALS $8.57bn – IPO $50.0m – ABB/BLOCK $4.18bn – FOLLOW-ON $2.71bn – CB $1.63bn Monday Brookfield Infrastructure Partners (Canada, infrastructure investment) – $700m Block. 16.6m units (100% prim) at $42.10 versus $43.84 last sale. RBC, TD, CITI, BAML, HSBC. Camden Property Trust (US, REIT) – $445.3m Block. 4.75m shares (100% prim) at $$93.75 versus $93.75-$94.25 marketing and $94.92 last sale. DB, JPM. Wayfair (US, e-commerce) – $375m CB. 5y snr cvt priced at 0.375%, up 35% versus talk at 0.625%-1.125%, up 32.5%-37.5%, and revised talk to 0.375%-0.625%, up 35% fixed. GS, CITI. Upsized from $300m. Tuesday AGNC Investment (US, MREIT) – $510.8m Block. 24.5m shares (100% prim) at $20.85, versus $20.75-$20.95 marketing $21.50 last sale. CS, JPM, MS, UBS, WF. BioCryst Pharmaceuticals (US, biotech) – $80m FO. 15.5m shares (100% prim) at $5.15 versus $5.23 last sale and $5.75 at launch. JPM, BARC. Grupo Supervielle (Argentina, bank) – $412.0m FO. 20.6m ADS (68% prim, 32% sec) at $20, versus $20.56 last sale, $22 at launch. BAML, ITAU, JPM. Portola Pharmaceuticals (US, biotech) – $350m FO. 6.35m shares (100% prim) at $55.00 versus $56.96 last sale and $55.71 launch. MS, CITI, GS. Upsized from $300m. Tactile Systems Technology (US, med tech) – $108.9m ABB. 3.3m shares (100% sec) at $33 versus $33-$33.50 marketing and $35.31 last sale. WMB, PJ. Upsized from 2.75m shares. Workday (US, HR SaaS) – $1bn 5y CB priced at 0.3%, up 37.5%, versus talk at 0%–0.50%, up 35%–40%. MS, BAML. Wednesday Epizyme (US, biotech) – $140m ABB. 9.2m shares (100% prim) at $15.25-$15.75 versus $15.95 at launch. MS, JEFF, LEER. Upsized from $120m fixed-size. First Data Corp (US, payments) – $1.5bn FO. 85m shares (100% sec) at $17.75 versus $18.41 last sale and $18.85 at launch. BAML, CITI, KKR. KKR limited partner agreed to purchase 6.9m shares. Performance Food (US, food distribution) – $142m Block. 5m shares (100% sec) at $28.40 versus $28.40-$29.00 marketing and $29.40 last sale. BARC. Social Capital Hedosophia (US, SPAC) – $600m IPO. 60m units (100% prim) at $10 each. CS. Each unit consists of one Class A shares and one-third of a warrant with each warrant exercisable at $11.50 a share. Upsized from 50m units/$500m. Tremont Mortgage Trust (US, commercial mortgage REIT) – $50m IPO. 2.5m shares (100% prim) at $20 fixed. UBS, CITI, RBC. Nasdaq “TRMT”. Downsized from 4.5m shares. US Foods (US, food distribution) – $1.1bn Block. 40m shares (100% sec) at $27.50 versus $27.50-$27.60 marketing and $28.01 last sale. JPM, MS. William Lyon Homes (US, homebuilder) – $80.2m Block. 3.32m shares (100% sec) at $24.15 versus $24.05-$24.25 marketing and $24.79 last sale. CS. Thursday Array Biopharma (US, biotech) – $225m FO. 20.9m (100% prim) at $10.75 versus $10.80 laste sale and $10.53 launch. JPM, COWN. Upsized from $175m. Azul (Brazil, airline) – $362.3m FO. 13.5m ADSs/40.6m preferred (100% sec) at $26.75/R$27.96 versus $27.45/R$28.81 last sale and $25.55/R$26.44 launch. CITI, DB, ITAU. Fibra Hotel (Mexico, REIT) – MXP4bn ($226m) FO. 296 shares (100% prim) at MXP13.75. BBVA, EVER, GS, UBS, BANN. iStar (US, mortgage REIT) – $250m 5y CB at 3.13%, up 35% versus talk at 2.75%–3.25%, up 32.5%–37.5%. BARC, BAML, JPM. Quintiles IMS (US, contract research) – $857.3m Block. 9m shares (100% sec) at $95.25 versus $95.25-$95.75 marketing and $95.45 last sale. GS. NEAR-TERM CALENDAR September 19: Best IPO-BSTI.O (Cayman Islands/China, logistics) – $931.5m IPO. 62.1m ADSs (86.3% prim, 13.7% sec) at $13-$15. CITI, CS, GS, JPM, DB. NYSE “BSTI”. September 19: Despegar.com (Argentina, online travel services) – $332m IPO. 12.77m (67% prim, 33% sec) marketed at $23-$26. MS, CITI, ITAU, UBS, COWN, KEY. NYSE “DESP”. September 19: Zai Lab (Cayman Islands/China, biotech) – $105.8m IPO. 5.9m ADS (100% prim) at $16-$18. JPM, CITI, LEER. Nasdaq “ZLAB”. September 20: Camil Alimentos (Brazil, food processing) – R$1.72bn ($550m) IPO. 127.5m shares (32% prim, 68% sec) marketed at R$10.50-R$13.50. ITAU, BRAD, BAML, JPM, SANT. September 20: Oasis Midstream Partners (US, MLP) – $157.5m IPO. 7.5m shares (100% prim) at $19-$21. MS, CITI, WF. NYSE “OMP”. Filed confidentially 4/7/17. September 21: Secoo (Cayman Islands/China, e-commerce) – $115m IPO. 8.5m ADS (100% prim) at $11.50-$13.50. JEFF. Nasdaq ”SECO”. September 26: Grupo Financiero Galicia (Argentina, commercial bank) – $620.9m. 13.4m ADRs (100% prim) versus $47.60 filing. BAML, UBS. September 26: RYB Education (Cayman Islands/China, early childhood education) – $140m IPO. 7.8m ADSs (71% prim, 29% sec) at $16-$18. CS, MS, CICC, BNPP. NYSE “RYB”. September 27: Magazine Luiza (Brazil, e-commerce) – R$1.9bn ($600m) FO. 24m shares (73% prim, 27% sec) launched at R$78.30. BAML, BTG, JPM, ITAU, CS, BRAD, SANT, BB. September 27: Nightstar Therapeutics (UK, biotech) – $80.4m IPO. 5.4m shares (100% prim) at $13-$15. JEFF, LEER, BMO. Existing investors have indicated interested in purchasing $25m of ADSs. September 27: Sigma Alimentos (Mexico, Food distributor) – MXP18.5bn ($1bn) IPO. 619.5m shares (100% sec) at MXP23.00–29.00. CITI, JPM, BAML, GS. September 28: Tivit (Brazil, IT services) – R$1.8bn ($580m) IPO. 30.9m shares (100% sec) at R$43.00–$51.00. CS, ITAU, BRAD, BTG, JPM, SANT.

The daily IFR US ECM Briefing covers US, Canadian and LatAM IPOs, secondary and convertible offerings. For trial info: www.ifrbriefings.com/usecm.php; Reporting By Robert Sherwood

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