Netstreit Follow-On
NETSTREIT Corp acquires, owns and manages a portfolio of single-tenant retail commercial real estate focused on tenants in the retail sector
Ticker: NTST US
Country: United States
Sector: REITs
Listing: NYSE
Offer Structure: 9,000,000 upsized base offering (c. USD 182m)
Greenshoe: 1,350,000 shares (c. USD 27m)
Issue Price: USD 20.20 per share (3.5% discount to close)
Berenberg Role: Co-Manager
Timing:
- Launch: 3 August 2022
- Pricing: 3 August 2022
Essential Properties Follow-On
Essential Properties Realty Trust is a Real Estate Investment Trust (REIT) that acquires, owns and manages primarily single-tenant properties that are net leased on a long-term basis
Ticker: EPRT US
Country: United States
Sector: REITs
Listing: NYSE
Offer Structure: 7,600,000 base offering (c. USD 175m)
Greenshoe: 1,140,000 (Cc. USD 26m)
Issue Price: USD 23.00 per share
Berenberg Role: Co-Manager
Timing:
- Launch: 2 August 2022
- Pricing: 2 August 2022
- First Trade: 3 August 2022
SFC Energy
- Company description: SFC Energy AG is a leading supplier of hydrogen and methanol fuel cells for stationary and mobile hybrid power solutions being the largest and only profitable fuel cell manufacturer in the world, with more than 55,000 fuel cells sold worldwide since 2004.
- Ticker: F3C
- Country: Germany
- Sector: Hydrogen/ Clean Energy Solutions
- Listing: Frankfurt Stock Exchange (Prime Standard)
- Market Cap pre Transaction: c. EUR 359m
- Offer Structure: c. 2.9m primary shares (c. EUR 56m)
- Subscription Price: EUR 19.50 per new share (c. 18.5% discount to TERP)
- Subscription Ratio: 5:1 (i.e. 1 new share for 5 existing shares / subscription rights)
- Use of proceeds: The net proceeds will be used for regional and technological expansion, acceleration of R&D activities and inorganic growth opportunities
- Berenberg Role: Joint Global Coordinator & Joint Bookrunner
- Syndicate: Berenberg (Joint Global Coordinator & Joint Bookrunner), Barclays, Deutsche Bank (Joint Global Coordinators & Joint Bookrunners)
- Timing:
- Publication of prospectus: 11 July 2022
- Ex-rights day:
- Subscription period: 13 July 2022 – 26 July 2022
- Rights Trading: 14 July 2022 – 21 July 2022
- Results announcement: 27 July 2022
- First day of trading of new shares: 01 August 2022
Angle PLC
Angle PLC
Angle is a UK-based medical devices company, offering technologies to extract and analyse circulating tumour cells (CTCs) from blood samples
Ticker: AGL LN
Country: United Kingdom
Sector: Healthcare
Listing: London Stock Exchange (AIM)
Market Cap pre Transaction: c. GBP 220m
Offer Structure: 25,000,000 primary shares
Issue Price: GBP 0.80 per share
Deal size: GBP 20m
Use of Proceeds: To support the Company’s commercialisation plan and capitalise on the momentum gained from obtaining a US Food and Drug Administration product clearance for its Parsortix system
Berenberg Role: Joint Global Coordinator and Joint Bookrunner
Timing:
- Launch: 14 July 2022
- Pricing: 15 July 2022
- First Day of Trading: 19 July 2022
Craneware PLC
Craneware PLC
Craneware is the leader in automated value cycle solutions, collaborating with US healthcare providers to plan, execute and monitor value-based economic performance
Ticker: CRW LN
Country: United Kingdom
Sector: Software and IT Services
Listing: London Stock Exchange (AIM)
Market Cap pre Transaction: c. GBP 640m
Offer Structure:
- 1,098,148 primary shares
Issue Price: GBP 16.00 per share
Deal size: c. EUR 21m (c. GBP 18m)
Berenberg Role: Joint Global Coordinator / Joint Bookrunner
Syndicate: Joint Global Coordinators and Joint Bookrunners: Berenberg, Peel Hunt, Investec, Goldman Sachs International
Timing:
- Launch: 30 June 2022
- Pricing: 01 July 2022
- Settlement: 05 July 2022
Grenergy Renovables
Founded in 2007, Grenergy Renovables is a listed Spanish-based Independent Power Provider (IPP) generating energy through renewable sources. The company develops greenfield projects, negotiates PPAs and financing, and manages the construction and operations as well as maintenance of its facilities.
Ticker: GRE SM
Country: Spain
Sector: Renewables
Listing: Spanish stock exchanges (Barcelona, Madrid, Bilbao and Valencia)
Offer structure: Placement of 2,685,000 new shares (c. EUR 90m) in overnight accelerated bookbuilding
Offer Price: EUR 33.52 per share
Market Cap pre transaction: c. EUR 1.1bn
Use of Proceeds: For expansion to new markets, as well as the development and construction of the current pipeline projects of Grenergy and development of energy storage projects
Berenberg Role: Joint Global Coordinator and Joint Bookrunner
Syndicate: Joint Global Coordinators and Joint Bookrunners: Berenberg, Citi, RBC, CaixaBank
Timing:
- Start of ABB: 28 June 2022
- Pricing and allocation: 29 June 2022
- Trade date (T): 30 June 2022
- Settlement (T+2): 04 July 2022
Sono Group N.V. Committed Equity Facility
Sono Group, headquartered in Germany, is a solar technology company manufacturing the first solar-integrated, self-charging electric vehicles and is developing and commercializing a disruptive solar technology that would allow vehicles to benefit from solar power
Ticker: SEV US
Country: Germany
Sector: Solar Technology and Electric Vehicles
Listing: Nasdaq
Transaction Overview: The Committed Equity Facility provides Sono Group N.V. with the right, without obligation, to sell and issue up to $150m of its ordinary shares over a period of 24 months to Berenberg at Sono's sole discretion, subject to certain limitations and conditions
Offer Structure: 17,500,000 ordinary shares
Use of Proceeds: To cover some of the external funding needed until the start of production
Berenberg Role: Sales Agent
Timing:
- Launch: 14 June 2022
4C Group AB
Founded in 2000, 4C Group is a Swedish provider of operational resilience and military training management solutions. With its proprietary, NATO-accredited, Exonaut software platform and complementary expert services, 4C serves over 150 customers including several armed forces and blue-chip corporates globally.
Ticker: 4C SS
Country: Sweden
Sector: Software
Listing: Nasdaq First North Premier Growth Market Stockholm
Final Offer structure:
Total: 12,926,112 shares (c. SEK 452m)
Primary: 2,857,142 new shares (c. SEK 100m)
Secondary: 10,068,970 existing shares (c. SEK 352m)
Fixed Offer Price: SEK 35 per share
Market Cap at IPO: SEK 1,187m (approx. EUR 113m)
Use of Proceeds: For expansion to new markets and customers, as well as research and development in relation to 4C Strategies’ software platform Exonaut
Berenberg Role: Joint Bookrunner
Syndicate: ABG Sundal Collier (Joint Global Coordinator), Berenberg (Joint Bookrunner)
Timing:
- ITF: 11 May 2022
- Investor education: 11 May – 16 May 2022
- Bookbuilding: 17 May – 23 May 2022
- Trade date: 24 May 2022
- Settlement: 27 May 2022
Sovereign Metals Limited
Sovereign Metals Limited
Sovereign Metals Limited is an AIM- and ASX-listed developer, operating the Kasiya rutilegraphite project in Malawi, with first production targeted in 2026
Ticker: SVML LN / SVM AU
Country: United Kingdom / Australia
Sector: Metals & Mining
Listing: London Stock Exchange (AIM) / ASX
Market Cap pre Transaction: c. GBP 170m / c. AUD 275m
Offer Structure: 22,210,268 primary shares
Issue Price: AUD 0.67 per share
Deal size: AUD 15m
Use of Proceeds: To further the development of Sovereign's Kasiya Project, the world's largest natural rutile deposit and one of the world's largest flake graphite resources
Berenberg Role: Joint Bookrunner
Timing:
- Pricing: 03 May 2022
Sono Motors Follow-On
Ticker: SEV US
Country: Germany
Sector: Solar Technology and Electric Vehicles
Listing: Nasdaq
Company Description: Sono Motors, headquartered in Germany, is a solar technology company manufacturing the first solar-integrated, self-charging electric vehicles and is developing and commercializing a disruptive solar technology that would allow every vehicle to benefit from solar power
Offer Structure:$4.00 per share
Offer Structure: 10,000,0000 base offering (c. USD 40m) 930,000 greenshoe (c. USD 3.7m)
Total Gross Proceeds: USD 44m
Use of Proceeds: To cover some of the capital needs until the start of production
Berenberg Role: Lead Bookrunner
Timing:
- Pricing: 28 April 2022
- First Trade: 29 April 2022
Avantium
Avantium aims to be the first company to commercialise a 100% biobased recyclable and degradable plastic from sugar called PEF with a 50-70% lower CO2 footprint than conventional plastics. Last year marked a significant milestone for the company as they secured financing and finally met all the key conditions for the construction of its FDCA 5kt plant with commercial sales of PEF expected to start in 2024.
Ticker: AVTX NA
Country: Netherlands
Sector: Biochemicals
Listing: Regulated Market of Euronext Amsterdam & Brussels
Market Cap pre Transaction: c. EUR 150m
Offer Structure: Capital increase (100% primary shares) of up to EUR 45m by way of priority allocation offering to existing holders (“Priority Allocation Offering”), public offering in the Netherlands (“Retail Offering”) and private placement to institutional investors (“Private Placement”)
Offer price: EUR 4.00 per share
Berenberg Role: Joint Global Coordinator & Joint Bookrunner
Timing:
- Launch: 6 April 2022
- Closing of Priority Allocation Offering and Retail Offering: 13 April 2022
- Pricing of Private Placement: 14 April 2022
- Pricing: 14 April 2022
- Trade Date: 19 April 2022
- Settlement: 21 April 2021 (T+2)
Affimed Follow-ON
Ticker: AFMD US
Country: Germany
Sector: Biotechnology
Listing: Nasdaq
Company Description: Affimed is a clinical-stage immune-oncology company committed to giving patients back their innate ability to fight cancer by actualizing the untapped potential of the innate immune system
Offer Structure:$4.00 per share
Offer Structure: 22,500,000 base offering (c. USD 90m) 3,375,000 greenshoe (c. USD 13.5m)
Total Gross Proceeds: USD 103.5m
Use of Proceeds: To fund R&D expenses for their clinical and pre-clinical R&D activities, working capital and other general expenses
Berenberg Role: Co-Manager
Timing:
- Pricing: 12 April 2022
- First Trade: 13 April 2022
Eco Atlantic Oil & Gas
Eco Atlantic Oil & Gas Ltd
Eco Atlantic is an international exploration company focused on developing upstream petroleum opportunities in stable jurisdictions
Ticker: ECO LN, EOG CN
Country: United Kingdom, Canada
Sector: Natural Resources
Listing: London Stock Exchange (AIM), TSX Venture Exchange
Market Cap pre Transaction: c. GBP 80m
Offer Structure:
- Total offer size: 64,885,496 new shares
- Placing Shares: 48,040,714 new shares
- Subscription Shares: 10,178,116 new shares
- PrimaryBid Shares: 6,666,666 new shares
Issue Price: GBP 0.30 per share
Deal size: c. USD 25m (c. GBP 19m)
Use of Proceeds: To fund Eco’s share of the drilling of the Gazania-1 well on Block 2B offshore South Africa, to cover G&G expenses across the Group’s portfolio and license fees in Namibia and on Block 3B/4B in South Africa as well as for general working capital purposes
Berenberg Role: Joint Bookrunner
Timing:
- Launch: 05 April 2022
- Pricing: 06 April 2022
- Settlement: 11 April 2022
Hyloris Pharmaceuticals
Hyloris is a specialty biopharma company focused on innovating, reinventing, and optimising existing medications to address important healthcare needs and deliver relevant improvements for patients, healthcare professionals and payors.
Ticker: HYL BB
Country: Belgium
Sector: Pharmaceuticals
Listing: Regulated Market of Euronext Brussels
Market Cap pre Transaction: c. EUR 440m
Offer Structure: Placement of 967,742 new shares (c. 3.4% of the current share capital, c. EUR 15m)
Fixed Price: EUR 15.50 per share (at market price)
Berenberg Role: Joint Global Coordinator & Joint Bookrunner
Timing:
- Launch: 31 March 2022
- Pricing: 31 March 2022
- Trade Date: 1 April 2022
- Settlement: 5 April 2022 (T+2)
Global Medical Reit ATM
Global Medical REIT inc. is a net-lease medical office REIT that acquires purpose-built specialized facilities and leases those facilities to healthcare systems and pyshicians groups
Ticker: GMR US
Country: United States
Sector: Real Estate
Listing: New York Stock Exchange
Market Cap pre Transaction: c. USD 1,046m
Offer Structure: $300m At-the-Market Offering
Use of Proceeds: To repay a portion of the outstanding indebtedness under the company's credit facility, to fund acquisitions and for other general corporate purposes
Berenberg Role: Sales Agent
Timing:
- Launch: 28 March 2022
Ascendis Pharma Convertible
Ascendis Pharma is applying its innovative platform technology to build a leading, fully integrated biopharma company focused on making a meaningful difference in patient's lives.
Ticker: ASND
Country: Denmark
Sector: Healthcare - Biopharma
Listing: Nasdaq
Principal Amount: $500m (excluding 15% Greenshoe)
Coupon: 2.25%
Conversion Premium: 42.5%
Conversion Settlement: Physical (ADS)
Maturity: April 2028
Call Features: (i) Callable on or after April 7, 2025 if ADS price exceeds 130% of conversion price for a specified period of time with table make-whole; (ii) callable at any time upon certain changes in tax law with table make-whole; and (iii) required redemption offer in connection with a fundamental change (with table make-whole if a make-whole fundamental change)
Berenberg Role: Co-Manager
Timing:
- Pricing: 24 March 2022
- First Trade: 25 March 2022
Safehold Follow-On
Ticker: SAFE US
Country: United States
Sector: Real Estate - REITS
Listing: New York Stock Exchange
Company Description: Safehold operates as a real estate investment trust, which focuses on acquiring, owning, managing and capitalizing ground leases. The company’s property is generally leased on a triple net basis.
Market Cap pre transaction: c. USD 3,639m
Offer Structure: 2,000,000 base offering (c. USD 118m)
Concurrent Private Placement: iStar received 3,240,000 shares of common stock with total gross proceeds of USD 191m
Total Gross Proceeds: USD 327m
Use of Proceeds: Repay borrowings under its unsecured revolving credit facility and for general corporate purposes, which may include making additional investments in ground leases
Berenberg Role: Co-Manager
Timing:
- Pricing: 2 March 2022
- First Trade: 3 March 2022
Next Fifteen
Next Fifteen Communications Group PLC
Next Fifteen (Next15) is a specialist digital communications and media company.
Ticker: NFC LN
Country: United Kingdom
Sector: TMT
Listing: London Stock Exchange (AIM)
Market Cap pre Transaction: c. GBP 1.1bn
Offer Structure: 4,505,000 primary shares
Issue Price: GBP 11.10 per share
Deal size: GBP 50m
Use of Proceeds: To part fund the acquisition and associated costs of Engine Acquisition Limited
Berenberg Role: Joint Global Coordinator and Joint Bookrunner
Timing:
- Launch: 02 March 2022
- Pricing: 03 March 2022
- First Day of Trading: 03 March 2022
CentralNic Group PLC
CentralNic Group PLC
CentralNic Group PLC is a UK-based domain name specialist that operates across the entire supply chain of the domain name industry.
Ticker: CNIC LN
Country: United Kingdom
Sector: IT Services
Listing: London Stock Exchange (AIM)
Market Cap pre Transaction: c. GBP 335m
Offer Structure: 35,000,000 ordinary shares
Issue Price: GBP 1.20 per share
Deal size: GBP 42m
Use of Proceeds: To part fund the acquisition of VGL Verlagsgesellschaft mbH
Berenberg Role: Joint Bookrunner
Timing:
- Launch: 28 February 2022
- Pricing: 28 February 2022
- Settlement date: 02 March 2022
Civitanavi Systems
Civitanavi Systems, born as a start-up in 2012, is one of the main players in the design, development and production of inertial navigation and stabilization systems used in the aerospace and defense sectors in space, terrestrial, aeronautical, naval and industrial, mining and oil & gas.
Country: Italy
Sector: Industrial / A&D
Listing: Euronext Milan
Final Offer Structure:
Total: 8,536,000 shares (c. EUR 34.1m)
- Primary: 5,760,000 new shares (c. EUR 23m)
- Secondary: 2,000,000 existing shares (c. EUR 8m)
- Greenshoe Option: 776,000 existing shares (c. EUR 3.1m)
Final Offer Price: EUR 4.00 per share
Initial Price Range: EUR 4.00 to EUR 5.20 per share
Market Cap at IPO: c. EUR 123m
Use of proceeds: Enable the company to accelerate its growth through production capacity expansion as well as innovation and commercialisation roll-out
Berenberg Role: Joint Global Coordinator & Joint Bookrunner
Syndicate: Berenberg, Intermonte (Joint Global Coordinators & Joint Bookrunners)
Timing:
- ITF: 19 January 2022
- Investor Education: 19 January 2022 – 1 February 2022
- Bookbuilding: 2 February 2022 – 14 February 2022
- First Day of Trading: 17 February 2022
Vulcan Energy Zero Carbon Lithium
Marlowe PLC
Marlowe PLC is a UK provider of maintenance and installation services for fire protection, security, water treatment, and air hygiene systems.
Ticker: MRL LN
Country: United Kingdom
Sector: Business Services
Listing: London Stock Exchange (AIM)
Market Cap pre Transaction: c. GBP 850m
Offer Structure: 13,100,000 primary shares
Issue Price: GBP 10.00 per share
Deal size: GBP 130m
Use of Proceeds: To fund the acquisition of Optima Health
Berenberg Role: Lead Bookrunner
Timing:
- Launch: 20 January 2022
- Pricing: 20 January 2022
- First Day of Trading: 24 January 2022
468 SPAC II SE
468 SPAC II SE is a special purpose acquisition company (“SPAC”) targeting companies in the consumer technology and software & artificial intelligence sector with a focus on last mile logistics, marketplaces, consumer finance, cloud, commercial open source and software-as-a-service.
Issuer: 468 SPAC II SE
Sponsor: TEIXL Investments GmbH (wholly-owned by Alexander Kudlich), Ophelia Capital UG (wholly-owned by Dr. Ludwig Ensthaler), and Florian Leiber
Ticker: SPV2 (Shares), SPVW (Warrants)
Country: Germany
Sector: Technology
Listing: Frankfurt Stock Exchange
Offer Type: SPAC via Initial Public Offering (IPO)
Deal Size: EUR 210m
Offer Price: EUR 10.00 per unit
Unit structure:
- 1 Class A Share
- 1/3 Class A Warrant
Warrant terms:
- 1 whole Class A Warrant entitles the holder thereof to purchase 1 Class A Share at a price of €11.50 per share
- Exercisable from 30 days after consummation of a BC and until 5 years from date of consummation of BC
- Warrants redeemable by the Company at a redemption price of €0.01 if: (i) the share price equals or exceeds €18.00 for any 20 trading days within any 30 consecutive-trading day period; (ii) subject to a make whole, if the share price is between €10.00 and €18.00 for any 20 trading days within any 30 consecutive trading day period
Business Combination criteria:
- Targeting a company with principal business operations in an EEA or in a certain other country based in the consumer tech (with a focus on the categories Delivery & Logistic Tech, Marketplace and Marketplace Aggregators, and Consumer Finance) or cloud sector (with a focus on the categories Commercial Open Source, SaaS and Data & AI)
Cash in escrow: 100% of proceeds
Sponsor commitment:
- EUR 8.9m Sponsor capital at risk including negative interest rate cover
Sponsor promote:
- Approx. 20% of share capital, representing 5,250,000 class B shares
- Earn-out structure: 5% at Business Combination, c. 28% when share price is above €10, 1/3 when share price is above €12, 1/3 when share price is above €14 (for any 10 trading days within a 30 day period)
Negative interest:
- Compensated by Sponsor up to Additional Sponsor Subscription
Business Combination:
- Requires approval of majority of the votes cast at the Business Combination shareholders’ meeting
Timeframe: Up to 18 months
Berenberg Role: Sole Global Coordinator and Sole Bookrunner
Timing:
- Bookbuilding: 13 January – 14 January
- Prospectus approval: 17 January
- First Day of Trading: 20 January
Team17 Group PLC
Team17 is one of the longest-running independent video game companies. It develops its own games, and through its “Games Label” also helps independent creators to bring their games to market.
Ticker: TM17 LN
Country: United Kingdom
Sector: Media (Video Games)
Listing: London Stock Exchange (AIM)
Market Cap pre Transaction: c. GBP 1bn
Offer Structure: 11,010,999 primary shares
Issue Price: GBP 7.14 per share
Deal size: GBP 80m
Use of Proceeds: To fund Team17’s €100m (approx. £83m) acquisition of astragon Entertainment GmbH
Berenberg Role: Sole Global Coordinator and Sole Bookrunner
Timing:
- Launch: 13 January 2022
- Pricing: 14 January 2022
- First Day of Trading: 18 January 2022
Spirit Realty Capital
Spirit Realty Capital is a triple-net lease REIT that primarily invests in single-tenant, operationally essential real estate assets throughout the United States.
Ticker: SRC
Country: United States
Sector: Real Estate
Listing: NYSE
Offer Structure: 9,430,000 (c. USD 449m)
Share Type: primary shares
Issue Price: USD 47.60 per share (3.9% discount to close)
Berenberg Role: Co-manager
Timing:
- Launch: 13 January 2022
- First Trade Date: 14 January 2022
Netstreit Corp
NETSTREIT Corp acquires, owns and manages a portfolio of single-tenant retail commercial real estate focused on tenants in the retail sector
Ticker: NTST
Country: United States
Sector: Real Estate
Listing: NYSE
Offer Structure: 10,350,000 (c. USD 230.3m)
Share Type: Ordinary shares
Issue Price: USD 22.25 per share (3.3% discount to close)
Berenberg Role: Bookrunner
Timing:
- Launch: 10 January 2022
- First Trade Date: 11 January 2022