Today's Investment Banking Pulse
SpaceX debuts at $150 a share, marking the largest U.S. IPO ever
SpaceX opened at $150 per share on its historic debut, valuing the rocket maker at roughly $1.75 trillion and raising about $86 billion. The underwriters' fee pool is projected at $646 million, with Goldman Sachs serving as lead left underwriter. The offering pushed Elon Musk’s net worth past $1 trillion.
IPO GMPs: Amir Chand Jagdish Kumar IPO vs Powerica IPO vs Sai Parenteral's IPO - What Grey Market Hints Ahead...
Three mainboard IPOs—Amir Chand Jagdish Kumar Exports, Powerica, and Sai Parenterals—closed subscription on March 27, showing divergent demand. Amir Chand achieved 1.47‑times overall subscription, driven by non‑institutional investors, while Powerica lagged at just 3% and Sai Parenterals reached 41% with full NII coverage. Grey‑market premiums indicate modest optimism for Amir Chand (+₹6, about $0.08) and Powerica (+₹1, about $0.01), whereas Sai Parenterals trades at issue price. The combined IPO size after revisions is roughly ₹1,000 crore (~$120 million), reflecting scaled‑down capital raising amid cautious market sentiment.
Bluetti Owner PowerOak Files for Hong Kong IPO: The Fourth Major Player in Global Portable Energy Storage
PowerOak, the maker of Bluetti portable batteries, has lodged a main‑board IPO application on the Hong Kong Stock Exchange, positioning it as the city’s first listed pure‑play portable‑energy‑storage firm. The Shenzhen‑based company ranked fourth globally in 2024, capturing 6.6% of...
L&T Tech to Sell Smart World Portfolio to AM Group-Backed AMI Paradigm Solutions
Indian engineering services firm L&T Technology Services announced the sale of its Smart World & Communication (SWC) portfolio to AMI Paradigm Solutions, a joint venture backed by renewable‑energy conglomerate AM Group and digital infrastructure developer ParadigmIT. The transaction transfers L&T’s...
Liberty's $475
Macro: convertible issuance funds growth but signals investor caution. Key: Liberty upsized $475M 0% convertibles due 2032, $37.44 conv (~30% premium). Risks: dilution, unsecured notes, redemption triggers. Trading insight: avoid new longs pre-conversion. — Viktor Kopylov, PhD, CFA More insights: t.me/si14Kopylov
Epstein Files Reveal Inner Workings of the Country’s Largest Financial Firms
The Justice Department’s release of the searchable Epstein files gives the financial advisory and M&A community unprecedented access to real-world valuation reports, purchase agreements, and fairness opinions from top‑tier firms. The archive shows how broad discovery sweeps can pull in...
China’s Jiangsu Aidea Eyes Hong Kong Listing as Gateway to US and European Aids Markets
Jiangsu Aidea Pharmaceutical, a Shanghai‑Star Market listed firm specializing in HIV/AIDS therapies, is preparing a Hong Kong IPO to fund its expansion into the United States and Europe. The company projects the global AIDS‑treatment market to exceed $1.45 billion by 2027...
Cisco, Kioxia, Sandisk, Solidigm Invest $2.5B in Nanya
Cisco, Kioxia, Sandisk and Solidigm have collectively invested about $2.5 billion in Taiwan’s Nanya Technology through a private‑placement share offering. The capital will fund expansion of Nanya’s DRAM fabrication capacity, addressing a global memory shortage. Each investor also signed separate DRAM...
Vanke Seeks Bond Delay Again as It Works on Restructuring Plan
China Vanke Co., a distressed property developer, has approached holders of its yuan‑denominated bond maturing on April 23 to seek a payment postponement. In meetings last week, Vanke indicated it is also weighing a broader restructuring that could involve extending...
USA Rare Earth Secures $3.1B Funding and $73M Deal, Targets 2028 Production
USA Rare Earth (USAR) closed a $1.6 billion U.S. government grant and $1.5 billion private investment, then agreed to buy Texas Mineral Resources for $73 million. The capital boost aims to bring its rare‑earth processing to market by 2028, fueling a projected $2.6 billion...
Paramount‑Skydance Warner Bros. Discovery Merger Hit by Political Backlash
Paramount Global and Skydance have emerged as the leading bidder for Warner Bros. Discovery, but the deal now faces a wave of political criticism. Senator Elizabeth Warren and actress Jane Fonda released a video denouncing the merger as an abuse...
Mindjoin Acquires Solteir to Build AI‑Energy Infrastructure Platform
Mindjoin announced the acquisition of Solteir, a power‑infrastructure firm that built grid‑connected facilities for Bitcoin mining, to broaden its artificial‑intelligence compute platform. The deal merges Solteir’s energy assets with Mindjoin’s AI strategy, addressing the power constraints that limit next‑generation AI...
Netflix Walks Away From Warner Bros. Discovery Studio Deal
Netflix has terminated its pending purchase of Warner Bros. Discovery's studio assets, ending months of negotiations. The withdrawal leaves deal advisors scrambling and could reshape financing activity in the entertainment sector.
Swiss National Bank Says 2025 Saw Record Swiss Franc Bond Issuances
The Swiss National Bank disclosed that 2025 delivered a record volume of new Swiss franc bond issuances and a surge in issuers, signaling deeper market liquidity. While exact figures were not disclosed, the report came alongside the SNB’s decision to...
JPMorgan Launches $8 Billion Junk‑bond Sale to Fund Record $55 Billion EA Leveraged Buyout
JPMorgan Chase has kicked off an $8 billion junk‑bond sale to finance a $55 billion leveraged buyout of Electronic Arts, the biggest LBO in history. The deal, led by Saudi Arabia’s Public Investment Fund, Silver Lake and Jared Kushner’s Affinity Partners, mixes...
University of California Shops $3bn LP Portfolio in Major Sale
The University of California announced it will sell a roughly $3 billion portfolio of limited‑partner (LP) stakes in private‑equity funds. The move is part of a broader strategy to rebalance its $140 billion endowment and generate cash for upcoming capital needs. UC...
Sert Invests 50 Million Euros in Data Centre Development Fund AiOnX
Stoneweg Europe Stapled Trust (Sert) has committed €50 million (≈ $54 million) to AiOnX’s data‑centre development fund through a mandatory convertible loan. The loan carries a 7.25% cash coupon, equating to roughly €3.6 million ($3.9 million) per year, and is expected to lift AiOnX’s distribution...
Foreign Issuers Triple Panda Bond Sales to $4 B in March Amid Iran Conflict
Foreign issuers pushed panda bond sales in mainland China to 27.8 bn yuan ($4 bn) in March, more than tripling year‑to‑date volume. The surge comes as the Iran war pushes borrowers toward the yuan‑denominated on‑shore market, marking a record month for foreign...
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Navigating the SEC's Cooling-Off Rule in Securities
The SEC’s so‑called cooling‑off rule is actually Regulation M, which imposes a quiet period between filing a preliminary prospectus and the public sale of new securities. During this window, issuers and underwriters cannot market the offering, helping to prevent premature hype...
Jan Metzger Leaves Citi for Standard Chartered- #CapitalMarkets #Finance
Standard Chartered has hired Jan Metzger as global head of coverage banking for its corporate and investment banking division, based in Hong Kong. Metzger arrives from Citi, where he co‑led investment banking for Asia and oversaw major M&A and capital‑market...
Pagaya Offers $586.2 Million in Consumer Loan ABS
Pagaya Structured Products is launching a $586.2 million asset‑backed securities (ABS) program backed by unsecured consumer loans from 11 partner lenders. The deal comprises 15 note classes, most maturing on November 15, 2033, with the senior A1 tranche extending to April 15, 2027. Credit enhancement...
The Curious Case of Warner’s Eleventh-Hour Bidder
Paramount's pending acquisition of Warner Bros. Discovery faced a surprise eleventh‑hour bid from Singapore‑registered Nobelis Capital, offering $32.50 per share in cash. The proposal lacked disclosed financing or a definitive agreement, prompting Warner’s board to label it a likely non‑serious...
IDB Invest and Total Servicios Financieros Boost Financing for MSMEs in Peru
IDB Invest is providing a revolving loan of up to $10 million to Total Servicios Financieros, with an additional $10 million expected from third‑party investors, to broaden financing for Peru’s micro, small and medium‑sized enterprises (MSMEs). The funds will support factoring and financial leasing...
Simplified Roadmap for OTC Markets Quotation
OTC Markets Group released a simplified roadmap outlining eligibility and reporting requirements for its four market tiers, with a focus on upcoming OTCQX rule changes effective April 6, 2026. The amendments raise the minimum market capitalization from $10 million to $25 million, increase required...
When Antitrust Meets National Security and Gets It Right
The U.S. Department of Justice approved the Hewlett Packard Enterprise‑Juniper Networks merger, citing modest antitrust risk and clear national‑security benefits. Critics argue the consent decree was politically motivated, but the Tunney Act hearing highlights pro‑competitive remedies such as divestitures and...
From Huel to Hellmann's, Big Food Makes Its Moves
Danone announced a $1.1 billion acquisition of British meal‑replacement brand Huel, signaling a deeper push into the plant‑based sector. Frozen‑food startup Laoban raised $7.2 million to expand beyond dumplings into broader Asian categories. Unilever is reportedly negotiating the sale of its food...
Apollo Global Management to Acquire Nippon Sheet Glass for $3.7 Billion in Cash
Apollo Global Management’s funds have signed a definitive agreement to purchase Nippon Sheet Glass Co. for roughly $3.7 billion in cash. The acquisition, slated to close by March 2027, will give Apollo a foothold in Japan’s specialty glass market and fund the...
Convergence Networks Acquires Certinet Systems
Convergence Networks announced the acquisition of Certinet Systems, extending its Pacific Northwest footprint while bolstering cybersecurity and compliance capabilities for regulated sectors. The deal retains Certinet’s local leadership and layers it with Convergence’s broader service platform, offering customers after‑hours support...
Pharmaceutical Executive Daily: FDA Issues Warning Letter to ImmunityBio
The FDA issued a warning letter to ImmunityBio for misleading promotional claims about its bladder‑cancer drug Anktiva, triggering a roughly 26 percent drop in the company’s shares and giving it 15 days to submit a corrective plan. In parallel, Merck announced a...
This Corner of the EM Bond Market Is Worth Checking Out
Emerging‑market corporate bonds are delivering yields well above U.S. benchmarks, and the WisdomTree Emerging Markets Corporate Bond Fund (EMCB) exemplifies this trend with a 5.07% SEC yield. The actively managed ETF holds a 3.97‑year effective duration, positioning it as an...
Citigroup's Seasoned Mortgage Pool Secured $1 Billion in RMBS
Citigroup’s Mortgage Loan Trust issued a $1 billion residential mortgage‑backed securities (RMBS) transaction, CMLTI 2026‑RP1, backed by seasoned loans originated in 2019 or earlier. The pool shows strong performance, with 90.3% of loans maintaining a clean payment history and a low delinquency...
Read This Acquisition Guide Early to Avoid Heartache
This book has a few too many TLAs (three letter acronyms) but it also contains valuable street wisdom in thinking about selling your company. Read it now, years before you want to sell, and save yourself time and heartache. Magic...
Low Retention, High Burn = No $50M Valuation
I talk to delusional Series A founders every day. So now, I just tell them this. If your company does under $10M ARR, burns over $200k/mo, and has low Gross Retention…you are not worth $50-100M to anyone. Doesn't matter what your...
Acquihires and Other Antitrust Ghost Stories
The article argues that acquihires—transactions focused on acquiring a startup’s workforce rather than its products—are attracting heightened antitrust scrutiny, especially in the AI sector, but they are not inherently anti‑competitive. It cites recent high‑profile deals such as Microsoft’s hiring of...
Invesco Acquires Superstate Tokenized MMF, Marking Trad
BOOM: Invesco to Acquire Superstate's USTB Tokenized MMF Management One of first acquisitions of a crypto-native fund by TradFi asset manager. TradFi now majority of top 10 tokenized MMFs $2.2T asset manager Invesco acquiring management of $USTB ($950M AUM, 5th largest tokenized...
One Beverly Hills Secures $4.3 Billion to Finish Luxury Tower and Hotel
Developer One Beverly Hills has closed a $4.3 billion financing package to complete its mixed‑use luxury residential and hotel complex in Los Angeles. The deal, among the biggest single‑project raises in the U.S. this year, underscores persistent investor appetite for high‑end...
Dubai Aerospace Enterprise Secures $2.8 Billion Unsecured Revolving Credit Facility
Dubai Aerospace Enterprise (DAE) Ltd announced a $2.8 billion unsecured revolving credit facility, replacing a $1.4 billion line and lifting its total revolving capacity to roughly $4 billion. The facility, maturing in March 2031, blends conventional and Sharia‑compliant funding from 15 global banks,...
SK Hynix Files Confidential U.S. IPO to Fuel AI‑Driven Growth
SK hynix has submitted a confidential registration statement to the U.S. Securities and Exchange Commission, signaling its intent to list on a U.S. stock exchange. The move is tied to an AI‑centric growth strategy that the company says will expand...
Weak Demand at U.S. Two‑Year Treasury Auction Signals Diminished Safe‑Haven Appeal
The latest two‑year Treasury note auction attracted below‑average demand, sending the yield down four basis points to 3.86%. The softening appetite reflects waning safe‑haven appeal as investors weigh Middle‑East tensions and a mixed equity outlook.
Barclays Pulls Back on Asset-Based Loans After MFS, Tricolor
Barclays is scaling back its asset‑based lending to smaller borrowers after taking losses from the collapses of Market Financial Solutions (MFS) and Tricolor Holdings. The bank is redirecting capital toward larger corporate loans and securitizations, and has raised pricing on...
Jay Group Scores $300M Refi for DoBro Project
The Jay Group secured a $300 million refinancing loan from Affinius Capital for its 102 Fleet Place development in Downtown Brooklyn. The debt will fund the completion of the 30‑story, 495‑unit luxury multifamily tower and support lease‑up activities. The project, located near...
Jacktel AS Lists on Euronext Growth
Jacktel AS debuted on Euronext Growth Oslo, issuing 207.5 million shares and achieving a market capitalisation of roughly $87 million at the opening price of $0.42 per share. The company raised about $2.9 million in a heavily oversubscribed private placement that attracted more...
GS Mortgage-Backed Securities Trust 2026-PJ5: Presale Report
DBRS, Inc. issued provisional credit ratings on March 25, 2026 for the Mortgage‑Backed Notes of the GS Mortgage‑Backed Securities Trust 2026‑PJ5. All senior A‑class tranches received a (P) AAA rating, while subordinate B‑class tranches were assigned lower ratings ranging from AA to...
Why IBM Paid $11B For Real-Time AI, Not Kafka
IBM completed an $11 billion acquisition of Confluent on March 17, 2026, adding the leading data‑streaming platform used by over 6,500 enterprises, including 40 % of the Fortune 500. IBM frames the deal as buying an AI‑focused data platform that delivers real‑time data to power...
Brookfield Leads $9B Deal as M&A Spree Continues
Today's M&A notes $BLX.to to be acquired by Brookfield / La Caisse for $37.25 cash per share, 31.8% premium, $9.0 billion $TERN to be acquired by MRK for $53.00 cash per share, 6.0% premium, $5.7 billion $JHG / Trian bumped bid by 6.1%...
SK Hynix Seeks US IPO, Targeting $14 Billion
SK Hynix files for US listing that source says could raise up to $14 billion https://t.co/QBH8wtKrug
Pharma M&A Roundup: Merck to Acquire Terns Pharmaceuticals, Shionogi to Acquire 50% of Apnimed’s Ownership of Shionogi-Apnimed Sleep Science
Merck announced a $6.7 billion cash deal to acquire Terns Pharmaceuticals, paying a 31% premium and targeting the oral BCR::ABL1 inhibitor TERN‑701 for treatment‑resistant chronic myeloid leukemia. The transaction, slated to close in Q2 2026, adds an orphan‑drug‑designated oncology asset to Merck’s...
Morgan Stanley Sets $20 Target, 120% Upside for IMMX
$IMMX - Morgan Stanley initiates coverage with a $20 PT and an outperform rating, implying ~120% upside. https://t.co/Pd4uIH5BkI
Buyout Likely as Activists Target Governance, Shares Plunge
Market is ignoring the looming governance catalyst. Super-voting shares are being phased out as two activists build meaningful stakes, one owning a highly complementary peer. With shares at multi-year lows and the biz stabilizing, the path to a buyout is increasingly likely....
STAT+: Pharmalittle: We’re Reading About a Merck Acquisition, the Rise of Former Loxo Execs at Lilly, and More
The U.S. Federal Trade Commission has filed a proposed settlement with CVS Caremark, accusing the pharmacy‑benefit manager of artificially inflating insulin prices and limiting patient access. The deal, which still requires FTC chair approval, mirrors a recent settlement with Cigna’s...
Ramraj Cotton Sprucing up Systems and Tech with 2030 IPO in Mind: Founder
Ramraj Cotton, the Indian ethnic‑wear label famed for modernising the dhoti, is gearing its operations for a public listing by 2030. Founder K R Nagarajan aims for a ₹10,000 crore (≈$1.2 billion) turnover before the IPO, while rolling out professional systems, senior hires and...