GTCR, the Chicago-based private equity firm, continued to deal a hot hand with dual IPOs last week of life sciences portfolio holdings and Covid-19 beneficiaries MARAVAI LIFESCIENCES and SOTERA HEALTH. Both deals were heavily oversubscribed ahead of pricing on Thursday night. Maravai raised US$1.62bn from an upsized offering of 60m shares at US$27.00. Joint bookrunners Morgan Stanley, Jefferies and Goldman Sachs alerted investors late in the bookbuild to expect the number of shares sold to increase from the 50m marketed and that pricing was likely to come at the top of the US$24-$27 price range. In the case of Sotera, JP Morgan, Credit Sulsse, Goldman Sachs and Jefferies placed a fully sized offering of 46.6m shares at US$23.00, the top of the US$20-$23 range marketed, on a US$1.07bn deal that was more than 10-times oversubscribed.
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