Mercer Park Brand Acquisition Corp, a special purpose acquisition corporation (SPAC), has filed a preliminary prospectus with Canadian regulatory authorities outside of Québec for an initial public offering (IPO). The IPO is for Class A restricted voting units of US$10 per unit, for total proceeds of US$250 million. The SPAC plans to list on the Neo Exchange. For a qualifying transaction, Mercer Park Brand will target one or more acquisition opportunities with a focus on branded product businesses in cannabis and cannabis-adjacent industries. Mercer Park Brand is sponsored by Mercer Park, a U.S. family office.
San Antonio, Texas-based KCI Holdings, a maker of wound care and specialty surgical products, has filed to go public. JPMorgan, Goldman Sachs and BofA Merrill Lynch will serve as the underwriters. KCI is an affiliate of medical technology company Acelity, whose backers include Apax Partners, PSP Investments and the Canada Pension Plan Board.
Austin-based Brigham Minerals, owner of oil and gas mineral royalty interests, has debuted its IPO after pricing its 14.5 million shares at $18 per share. The stock began trading April 18, 2019 on the New York Stock Exchange under the ticker symbol "MNRL." Credit Suisse Securities (USA) LLC and Goldman Sachs are the lead underwriters. Brigham Minerals' pre-IPO backers included Warburg Pincus and Yorktown Partners.
Zoom Video Communications Inc said April 17 that its priced 20.87 million shares at $36, above its expected range of $33 to $35 a share. The San Jose company is selling about 9.9 million shares while stockholders are offering 10.96 million shares. Zoom, a video conferencing service, will trade on the Nasdaq under the ticker “ZM.”
Tufin Software Technologies Ltd, a cybersecurity software provider, has debuted its IPO after pricing its 7.7 million shares at $14 per share. The stock began trading April 11, 2019 on the New York Stock Exchange under the ticker symbol “TUFN.” J.P. Morgan Securities LLC, Barclays Capital Inc and Jefferies LLC are the lead underwriters. Tufin is backed by Catalyst Investments and Marker.
North American Palladium Ltd (TSX: PDL) (NAP), a Toronto-based palladium producer, announced a secondary bought deal offering of about 5.8 million common shares at a price of $13 per unit. The offering, which will generate $75 million in proceeds, not including the greenshoe option, is being made on behalf of the private equity group of Brookfield Asset Management, NAP's majority shareholder. Upon completion, but prior to the exercise of the greenshoe option, Brookfield's interest in the company will be reduced to about 81 percent from 91 percent. NAP was recapitalized by Brookfield in 2015.
Canaccord Genuity Growth II Corp (CGGC II), a Canadian special purpose acquisition corporation (SPAC), has completed its initial public offering (IPO), raising more than $100 million. The proceeds include the full exercise of the IPO's greenshoe option. CGGC II's Class A restricted voting units began trading on April 5 on the Neo Exchange under the symbol CGGZ.UN. CGGC II, managed by an affiliate of Canaccord Genuity Group Inc, is expected to target an operating business valued at $100 million to $1 billion. CGGC II’s predecessor raised $46 million from its 2018 IPO. In the same year, it agreed to merge with Columbia Care LLC, a New York-based medical cannabis company.
Sunnyvale, California-based Silk Road Medical Inc, a medical device company, has raised about $120 million for its IPO after pricing its 6 million shares at $20 per share. The stock began trading April 4, 2019 on the NASDAQ under the ticker symbol "SILK." J.P. Morgan Securities LLC and BofA Merrill Lynch are the lead underwriters. Silk Road's pre-IPO backers included Norwest Venture Partners, Janus Capital Management, Warburg Pincus, the Vertical Group and CRG.
Tradeweb Markets, an operator of electronic marketplaces for rates, credit, equities and money markets, has debuted its IPO after pricing its 40 million shares at $27 per share. The stock began trading April 4, 2019 on the NASDAQ under the ticker symbol "TW." J.P. Morgan, Citigroup, Goldman Sachs and Morgan Stanley are the underwriters. Tradeweb's pre-IPO backers included Blackstone.
Canaccord Genuity Growth II Corp (CGGC II), a Canadian special purpose acquisition corporation (SPAC), has filed a final prospectus with regulatory authorities outside of Québec for an initial public offering. The IPO is for Class A restricted voting units of CGGC II at a price of $3 per unit, for total proceeds of $87 million, not including the greenshoe option. CGGC II, managed by an affiliate of Canaccord Genuity Group Inc, is expected to target an operating business valued at $100 million to $1 billion. Last year, CGGC II's predecessor agreed to merge with Columbia Care LLC, a New York-based medical cannabis business. Prior to the agreement, the SPAC estimated Columbia Care's value at US$1.35 billion.