Today's Investment Banking Pulse
Blackstone commits up to $1.3bn to Apogee’s skin‑drug program
Blackstone is providing up to $1.3 billion in structured financing to Apogee Therapeutics, split between $800 million of equity and $500 million of debt with royalty‑linked returns. The capital will accelerate development of the atopic‑dermatitis candidate that recently met its Phase II primary endpoint.
Also developing:
By the numbers: Credit Agricole raises $670M via Samurai bond
Keyera Closes $5.3 B Acquisition of Plains’ Canadian NGL Business Amid Competition Review
Keyera Corp. has completed its $5.3 billion acquisition of Plains' Canadian natural‑gas liquids (NGL) business, despite a Competition Commissioner filing that could lead to a Tribunal review. The deal expands Keyera's integrated NGL platform and is funded in part by a $2.07 billion subscription‑receipt offering.
Cerebras Systems to Raise $5.55 Billion in Year’s Largest U.S. IPO So Far
Cerebras Systems announced an upsized initial public offering of 30 million shares at $185 each, raising $5.55 billion – the largest U.S. IPO of 2026 so far. The pricing exceeds the company’s earlier guidance of $150‑$160 per share. Underwriters received a 30‑day...
Hemab Therapeutics Upsizes IPO to $346.7 Million, Led by Goldman Sachs, Jefferies and Evercore
Hemab Therapeutics Holdings, Inc. increased its initial public offering to $346.7 million, selling 19.26 million shares at $18 each. The underwriting syndicate was led by Goldman Sachs, Jefferies and Evercore ISI, with Wedbush PacGrow as lead manager. The deal highlights strong investor...
Photonic Secures $200 Million Series B, Valuing Firm at $2 Billion
Photonic Inc. closed a $200 million Series B financing round, pushing its post‑money valuation to $2 billion. Led by UK‑based Planet First Partners, the round adds a slate of Canadian and international investors and underpins the company’s push to commercial‑scale distributed quantum...
Breeze Acquisition Corp. II Prices $125 M IPO to Fuel B2B Dealmaking
Breeze Acquisition Corp. II announced a $125 million IPO, pricing 12.5 million units at $10 each. The blank‑check vehicle will list on Nasdaq under “BREZU,” positioning fresh capital for B2B‑focused mergers and acquisitions.
GSR V Acquisition Corp. (GSRVU) Prices $200M IPO
GSR V Acquisition Corp. priced a $200 million IPO and will list on Nasdaq under the ticker GSRVU on May 14, 2026. The SPAC’s mandate is to acquire companies with strong public‑market narratives, high growth visibility, and solid cash‑flow dynamics. Leadership includes...
$300 Billion AI Debt Binge Spreads From Wall Street to Tokyo
Alphabet Inc. is finalizing a $17 billion bond offering while simultaneously preparing a yen‑denominated debt sale, adding to a multi‑currency borrowing spree that will total roughly $60 billion in four months. The tech giant has already tapped investors in euros, Canadian dollars,...
Blackstone and Halliburton Commit $1 Billion to VoltaGrid, Back Its Propell Energy Acquisition
Blackstone Tactical Opportunities and Halliburton have jointly invested $1 billion in Houston‑based VoltaGrid, comprising a $775 million primary raise and a $225 million secondary purchase. The funding coincides with VoltaGrid’s definitive agreement to acquire Propell Energy Technology Ltd., a move aimed at securing...
SMIC Wins Shanghai Stock Exchange Approval for $5.9 B Wafer Foundry Takeover
Semiconductor Manufacturing International Corp (SMIC) obtained clearance from the Shanghai Stock Exchange’s M&A Review Committee to purchase the remaining 49% stake in SMIC North for RMB 40.6 billion ($5.9 billion). The deal makes SMIC North a wholly owned subsidiary and marks the biggest...
Citigroup Bolsters Dealmaking Team with Three Senior Hires
Citigroup announced the addition of three senior bankers—a managing director for financial sponsors, a director for healthcare M&A, and a vice‑president covering technology, media and telecom—to its financial dealmaking unit. The hires are timed with a rebound in global M&A...
GoPro, Inc. Retains Houlihan Lokey to Pursue Strategic Alternatives, Including Sale
GoPro, Inc. has engaged investment bank Houlihan Lokey to act as financial advisor while it evaluates a potential sale and other strategic alternatives. The move follows a May 11 announcement that the company received unsolicited interest from parties in the defense, consumer...
GMR Solutions Prices $479 M IPO at $15 Share, Targets $3.3 B Valuation
GMR Solutions Inc. priced its U.S. IPO at $15 per share, selling 31.9 million Class A shares and raising $478.7 million. The offering, backed by a $500 million private‑placement, trims the company’s valuation to about $3.3 billion and aims to deleverage a $5 billion debt load...
Brown-Forman Has Rejected Sazerac’s $15 Billion Takeover Bid: Report
Brown‑Forman has turned down Sazerac’s roughly $15 billion acquisition proposal, which valued the whiskey maker at $32 per share. The rejection follows Pernod Ricard’s withdrawal, leaving Brown‑Forman without a suitor for now. Sazerac, a private family‑owned group, would have combined its extensive...
PE-Backed GMR Goes Public
GMR, a Lewisville, Texas provider of emergency medical services backed by private equity, has completed an initial public offering and begun trading on the Nasdaq. The IPO provides the company with fresh capital to accelerate its national footprint and invest...
Reliance Jio Shifts to Fresh‑Issue IPO to Boost India's Billion‑Dollar Listings
Reliance Industries is preparing a fresh‑issue public offering for Jio Platforms, earmarking roughly Rs 25,000 crore ($3 bn) to slash debt and fund network and AI investments. The strategy departs from the offer‑for‑sale model used in recent Indian mega‑IPOs, aiming to restore investor...
EBay Board Rejects GameStop’s $56 B Unsolicited Takeover Offer
eBay’s board, led by Chairman Paul Pressler, turned down GameStop CEO Ryan Cohen’s unsolicited $56 billion offer to acquire the online marketplace. The rejection hinges on concerns over financing, leverage and the combined entity’s governance, setting the stage for a possible shareholder‑direct...
908 Devices Inc. Acquires NIRLAB AG
908 Devices Inc., a leader in handheld real‑time chemical analyzers, announced the acquisition of Swiss AI‑driven spectroscopy firm NIRLAB AG. The deal, advised by Cooley LLP on corporate and capital‑markets matters, adds NIR‑based narcotics detection to 908 Devices' portfolio. NIRLAB’s...
Financings for May 13, 2026
Researchers at Daping Hospital in China demonstrated that delivering the rare APOE3‑Christchurch variant directly to the liver can protect against Alzheimer’s pathology, expanding therapeutic focus beyond the brain. In Switzerland, scientists sequenced the first complete hantavirus genome from a cruise‑ship...
Assertio Accepts New Buyout Bid; AI Biotech Isomorphic Banks $2B
Assertio Holdings rejected Garda Therapeutics’ $21.80‑per‑share offer and accepted a superior bid from Zydus Worldwide, which values the company at $23.50 per share, roughly $166.4 million, with no financing contingencies. The board expects the transaction to close in Q2, positioning Assertio’s...
Airbus, Blackstone to Join €600 Million Quantum Systems Funding
Airbus SE and Blackstone Inc. are negotiating to become lead investors in a €600 million ($703 million) financing round for Quantum Systems, a German drone startup backed by Peter Thiel. The round could value the company at up to €7 billion (about $8.2 billion). Existing...
Brown-Forman Rejects $15bn Buyout Offer From Rival Sazerac, Source Says
Brown‑Forman turned down Sazerac’s $15 bn cash offer (≈$13.9 bn in euros) of $32 per share, after earlier talks with Pernod Ricard collapsed. The Brown family favored Pernod Ricard’s stock‑centric merger, which would let them retain influence, whereas Sazerac’s proposal required full cash payment...
Breeze Acquisition Corp. II Raises $125 Million in SPAC IPO to Fund Future Deals
Breeze Acquisition Corp. II priced a 12.5 million‑unit IPO at $10 per unit, generating $125 million of capital for future merger activity. The units, each comprising an ordinary share and a convertible right, will begin trading on Nasdaq on May 13 under the...
American Electric Power Raises $2.6 Billion with $127 Per‑share Common Stock Offering
American Electric Power (AEP) priced a registered underwritten offering of 20.47 million common shares at $127 each, generating roughly $2.6 billion in gross proceeds. The deal, led by BofA Securities, Goldman Sachs and Morgan Stanley, includes forward sale agreements and a 30‑day...
Morning SPAC News Roundup: May 13, 2026
The May 13, 2026 Morning SPAC News Roundup is a subscription‑only briefing that aggregates the latest special‑purpose acquisition company (SPAC) developments. The post itself is gated behind a monthly plan, offering no free excerpt beyond the headline and branding images. While the...
Lab Testing Group Intertek to Back £10.6bn Takeover by Swedish Firm EQT
Intertek, the FTSE 100 laboratory testing group, announced it is "minded to recommend" a £60‑a‑share ($77) takeover bid from Swedish private‑equity firm EQT, valuing the company at £10.6 bn ($13.6 bn) including debt. The offer follows three earlier proposals and sparked a 7%...
TSMC to Issue NT$18.4 Billion Green Bonds
Taiwan Semiconductor Manufacturing Co. (TSMC) will issue NT$18.4 billion (approximately US$584 million) of unsecured green bonds to fund eco‑friendly architecture and environmental projects. The issuance consists of a NT$13.7 billion five‑year tranche at a 1.8% coupon and a NT$4.7 billion ten‑year tranche at 1.85%....
Fervo Energy Prices Upsized $1.9 B IPO, Targeting $7.4 B Valuation for Geothermal Power
Fervo Energy priced an upsized Nasdaq IPO of 70 million shares at $27 each, raising roughly $1.9 billion and valuing the company at $7.4 billion. The deal, led by JPMorgan, BofA, RBC and Barclays, underscores growing investor confidence in geothermal electricity as a...
JPMorgan Names Three Co‑Heads to Lead Global Investment Banking
JPMorgan Chase announced that Dorothee Blessing, Kevin Foley and Jared Kaye will serve as co‑heads of its global investment banking unit. The move also shifts M&A bankers into industry coverage teams and replaces Anu Aiyengar as global head of M&A,...
Isomorphic Labs Raises $2.1 B Series B to Scale AI Drug‑Design Engine
Isomorphic Labs closed a $2.1 billion Series B financing round led by Thrive Capital, with participation from Alphabet, GV, Temasek, CapitalG and the UK Sovereign AI Fund. The capital will be used to scale its IsoDDE AI engine, expand hiring worldwide,...
SpaceX Files Confidential $1.75‑$2 Trillion IPO Paperwork, Eyes June Roadshow
SpaceX has confidentially filed for an initial public offering that could value the Elon Musk‑led firm at $1.75‑$2 trillion. The company plans a roadshow the week of June 8, forcing investors to weigh growth prospects against valuation risk.
EQT Lines up Qatari Backing Ahead of VW Marine Engines Business Binding Bid
Private equity firm EQT is forming a consortium with Qatar Investment Authority (QIA) and Porsche Automobil Holding to submit a binding offer for Volkswagen’s marine‑engine unit Everllence. The deal could value the business at more than €8 billion (about $8.7 billion), positioning...
Master Core Finance Skills, Network, and Apply Early
How to Get an Investment Banking Internship During College 👇 1. Learn core skills like Financial Modeling, Valuation, Excel, and PowerPoint. 2. Build finance projects and add them to your resume or LinkedIn profile. 3. Network with professionals and connect with...
Largest Q1 Duration Dump Signals Positive Bond Outlook
Today's brand new 30y long bond auction is the largest duration dump of the quarter. With yields north of 5% and duration risk a real concern globally, this is an auction to watch. Hard to handicap the results...
Will Democratising Bond Markets Broaden Participation?
London Stock Exchange Group (LSEG) lowered the minimum investment on three of its corporate bonds from £100,000 (about $127,000) to £1,000 (about $1,270) to let retail investors buy directly. The bonds now sit in LSEG’s Access Bonds programme and meet...
Fervo Energy Launches IPO on Nasdaq as FRVO
@fervoenergy is going public today, launching on the Nasdaq under the ticker FRVO. Congratulations to the whole Fervo team, especially founders @TimMLatimer and @JackNorbeck 🪨🌡️ https://t.co/exNSYgfYyV https://t.co/fVPbalDedq
The IPO Buzz: GMR Solutions Prices IPO at $15 – Big Price Cut – & Stock Sinks on the...
GMR Solutions priced its initial public offering at $15 per share, a steep cut from the original $22‑$25 range, and sold 31.91 million shares to raise roughly $479 million, valuing the company at about $3.4 billion. The Dallas‑Fort Worth‑based EMS leader opened on...
Apollo to Privatize Emerald in $1.5B B2B Deal
Apollo to take Emerald private in $1.5bn B2B events tie-up with Questex Read the full story here: https://t.co/wsXsMei8vC https://t.co/x38jthVU4u
Digital Health and HealthTech IPO Performances in the Last 12 Months: Tempus AI, Waystar, Caris Life Sciences, Hinge Health, Omada...
The latest wave of digital‑health IPOs—Tempus AI, Waystar, Caris Life Sciences, Hinge Health, Omada Health and Kestra Medical—marks the shift to “Health Tech 2.0,” where profitability, AI‑driven data moats and clinical‑grade evidence replace speculative growth. Collectively these companies added roughly $36.6 billion...
Brookfield Bancshares to Acquire NSTS Bancorp for $73.7 Million
Brookfield Bancshares announced a definitive agreement to acquire NSTS Bancorp for $73.7 million, paying $14.28 per share—a 12.9% premium to the prior close. NSTS, the holding company of North Shore Trust and Savings, brings $266.6 million in assets and a portfolio of...
Ackman’s “Lukewarm” Dual IPO: A $5 Billion Win That Still Carries a Warning:
Bill Ackman's Pershing Square completed a dual IPO that raised about $5 billion, far short of the earlier $25 billion ambition. The offering combined a new closed‑end fund, Pershing Square USA, and shares of the management company, priced at $50 per share...
White & Case Discusses Regulatory Termination Fee Insurance
White & Case outlines the rise of regulatory termination fee (RTF) insurance, a new product that lets buyers shift all or part of their RTF liability to an insurer. Premiums typically run 0.15%‑1.6% of the target’s enterprise value, and insurers...
Vodafone Idea Board to Weigh Fundraise Through Equity After AGR Relief
Vodafone Idea’s board will meet to evaluate a preferential equity or warrant issue after the Indian telecom regulator reduced its adjusted gross revenue (AGR) liability to about ₹64,046 crore (≈ $7.8 bn). The relief, combined with the return of Kumar Mangalam Birla as non‑executive...
Apollo to Merge Emerald and Questex in $1.5 B Deal, Forming Top North American Live‑Events Operator
Apollo Global Management announced a $1.5 billion acquisition of Emerald and a merger with Questex, creating a live‑events powerhouse that will run more than 160 trade shows across North America. The deal, which values Emerald at a 42% premium, is slated...
Goldman Sachs Alternatives Acquires FGI Worldwide to Boost Private‑Market Financing
Goldman Sachs Alternatives has finalized the purchase of FGI Worldwide, a 25‑year‑old specialist in working‑capital financing and trade‑credit insurance. The deal places FGI under the leadership of co‑founder Sami Altaher as CEO and gives Goldman Sachs a broader foothold in...
ServiceNow Targets $4 Bn High‑Grade Bond Sale to Refinance Armis Debt
ServiceNow announced a $4 bn high‑grade bond offering to refinance the $4 bn term loan taken for its $7.75 bn purchase of Armis Security. The move, organized by JPMorgan, Wells Fargo, Barclays and Citi, aims to lower interest expense, extend maturities and free...
Isomorphic Labs Secures $2.1 B Series B to Scale AI Drug Design Engine
Isomorphic Labs announced a $2.1 billion Series B funding round led by Thrive Capital, with participation from Alphabet, GV, Temasek, CapitalG and the UK Sovereign AI Fund. The capital will expand its IsoDDE AI engine, accelerate its therapeutic pipeline and fund...
Inspire Brands Files IPO for Dunkin', Aiming to Repay $8.8B Acquisition Debt
Inspire Brands, the private‑equity‑backed parent of Dunkin', has filed a confidential registration statement to take the coffee‑and‑donut chain public for the third time. The filing follows the 2020 $8.8 billion purchase of Dunkin' and a $2.5 billion debt assumption, with proceeds expected...
First National Bank of Brookfield Merges with $NSTS
The First National Bank of Brookfield will merge w/ $NSTS . Congrats to the $NSTS faithful.
Brazil Breaks Five-Year IPO Drought with Compass Listing, Signals Market Revival
Brazil's Compass deal marks the first initial public offering in five years, ending a prolonged market freeze and offering a test of investor appetite amid high benchmark rates. The listing could pave the way for other mid‑cap firms if structural...
Quantinuum Files for $1.5 Billion IPO, Targeting $20 B Valuation
Quantinuum, the Honeywell‑backed quantum hardware firm, has filed for an IPO that could raise more than $1.5 bn and value the company at up to $20 bn. The filing follows a $600 m funding round that pegged the firm at $10 bn and comes...