February 11, 2019 / 11:46 PM / 10 months ago

CORRECTED-IFR Americas ECM Pipeline

(Corrects timing of Xeris follow-on offering)

NEW YORK, Feb 11 (IFR) -


February 11: AG Mortgage Investment Trust (US, mortgage REIT) – $51.2m Block. 3m shares (100% prim) marketed at $17.05 fixed-price versus $17.80 last sale. MS.

February 11: New Mountain Finance (US, BDC) – $50.9m ABB. 3.75m shares (100% prim) marketed at $13.57 fixed-price versus $13.88 last sale. WF, MS, GS, KBW.

February 11: PennyMac Mortgage Investment Trust (US, mortgage REIT) – $144.5m Block. 7m shares (100% prim) marketed at $20.64 fixed-price versus $21.32 last sale. CS, BAML, DB, MS, GS.

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 (US, ag biotech) – $106.7m IPO. 6.67m shares (100% prim) at $14-$16. MS, BAML, PJ.

February 13: Xeris Pharmaceuticals (US, biotech) – $73.5m FO. 5m shares (100% prim) versus $14.70 launch. JEFF, RBC, MIZU.

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”.


March: Hennessy Capital Acquisition IV (US, SPAC) – $250m IPO. 25m units (100% prim) to be marketed at $10.00. Each unit comprised of one share, three-quarters of a warrant. NOM, STIF.

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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