February 2, 2019 / 12:09 AM / in 6 months

IFR Americas ECM Weekly Wrap-up

NEW YORK, Feb 1 (IFR) - US WEEKLY TOTAL $3,597.3m – IPO $955.0m – ABB/BLOCK $1,438.2m – FOLLOW-ON $554.1m – CB $650m Monday Andina Acquisition III (Colombia/Cayman Islands, SPAC) – $100m IPO. 10m units (100% prim) at $10.00, with each unit comprised of one share, one redeemable warrant exercisable at $11.50 and one right to purchase a 1/10th of one share of whole share. COWN, CHLM. Nasdaq “ANDAU”. MGM Growth Properties (US, casino REIT) – $497.3m ABB. 17m shares (100% prim) at $29.25 versus $28.95-$30.00 marketing and $30.27 last sale. JPM, BARC, BAML, CITI, DB, EVER, MS, SCOT. Tuesday First Hawaiian (US, bank) – $653.6m Block. 24.9m shares (100% sec) at $26.25 versus $26.25-$26.50 marketing and $26.65 last sale. JPM. Redwood Mortgage Trust (US, mortgage REIT) – $156m Block. 10m shares (100% prim) at $15.60 fixed versus $16.11 last sale. WF, JPM, CS, GS. Wednesday Kiniksa Pharmaceuticals (US, biotech) – $48.2m FO. 2.6m shares (100% prim) at $18.26 versus $18.26 last sale and $21.55 launch. JPM, GS, BARC. Downsized from 8m shares. Separate private placement of 2m shares to Baker Bros. Advisors. New Fortress Energy (US, LNG liquefication) – $280m IPO. 20m shares (100% prim) at $14.00 versus $15.00 fixed price marketing and $17–$19 original marketing range. MS, BARC, CITI, CS. Nasdaq “NFE”. Downsized from 22.2m shares. Nio (China, electric cars) – $650m 5y cvt priced at 4.5%, up 27.5% versus talk of 3.5%-4.0% and 27.5%-32.5%. CS, JPM, MS, GS, BAML, CITI, DB, UBS. Tencent Holdings agreed to invest up to $30m, Hillhouse Capital agreed to invest up to $10m. Pivotal Acquisition (US, SPAC) – $200m IPO. 20m units marketed at $10.00, with each unit comprised of one share, one warrant exercisable at $11.50. CANT. NYSE “PVT”. Sponsor has committed to invest up to $150m in an acquisition. Thursday Gores Metropoulos (US, SPAC) – $375m IPO. 37.5m units at $10.00, with each unit comprised of one share, one-third warrant exercisable at $11.50. DB, CS, GS. Granite Point Mortgage Trust (US, mortgage REIT) ­­– $131.1m Block. 6.9m shares (100% prim) at $19.00 fixed versus $19.52 last sale. MS, CITI, JPM, WF. Upsized from 6m shares. CALENDAR Week of Feb 4: Monocle Acquisition (US, SPAC) – $150m IPO. 15m units (100% prim) at $10.00. Each unit comprised of one share, one warrant exercisable at $11.50. COWN, CHDN. Nasdaq “MNCL”. Delayed from 1/30. February 6: Alector (US, biotech) – $185m IPO. 9.3m shares (100% prim) at $18-$20. MS, BAML, COWN, BARC. Nasdaq “ALEC”. February 7: Gossamer Bio (US, biotech) – $230m IPO. 14.4m shares (100% prim) at $16.00 fixed. BAML, LEER, BARC, EVER. Nasdaq “GOSS”. Existing holders to purchase $100m of shares in offering. Accelerated pricing from 2/12. February 7: Harpoon Therapeutics (US, biotech) – $81m IPO. 5.4m shares (100% prim) at $13-$15. CITI, LEER. Nasdaq “HARP”. February 12: Virgin Trains USA (US, passenger rail) – $538.4 IPO. 28.3m shares (100% prim) at $17-$19. BARC, JPM, MS. Nasdaq “VTUS”. 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 an interest in buying $30m of shares in offering. (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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