US IPOs and Secondary Offerings, IPO Boutique

IPO Boutique

US IPOs and Secondary Offerings

For more than 20 years, we have been providing research, analysis, commentary and ratings on US Equity Capital Markets to institutional investors (US IPOs and Secondary Offerings). Our vast network of contacts across the Equity Capital Markets and attention-to-detail sets us apart from our competitors.

Since 2012, we have achieved a successful hit rating on 89% of Buy-rated IPOs. The collective “Buy” ratings averaged a first trade of 16.3% above issue.Our Neutral Rated Deals averaged just 2% above the issue price at first trade.

Our written research includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

In addition, we provide a high-touch premium desk access which includes analyst access, as well as real time insights on US IPOs as well as secondary offerings.

IPOs and Secondary Offerings

Equity Capital Markets

Space Exploration Technologies Corp., doing business as SpaceX, operates as an aerospace manufacturer and space transportation services company. The Company designs and manufactures rockets, human spaceflight, and global satellite internet services. SpaceX serves customers worldwide.

<ul>
<li>SpaceX prices IPO at $135/share for 555.5M shares, eliminating range uncertainty as market shifts to valuation debate ahead of 6/12 listing.</li>
<li>Mega-Cap offering expected to raise ~$74.4B–$85.7B in proceeds, funding AI compute, Starship/launch expansion, and global satellite constellation growth initiatives.</li>
<li>Strong institutional backing, expanded retail allocation (~up to 30%), and staged 91-day lock-up create multiple liquidity events and potential post-IPO volatility catalysts.</li>
</ul>


SpaceX prices IPO at $135/share for 555.5M shares, eliminating range uncertainty as market shifts to valuation debate ahead of 6/12 listing.
Mega-Cap offering expected to raise ~$74.4B–$85.7B in proceeds, funding AI compute, Starship/launch expansion, and global satellite constellation growth initiatives.
Strong institutional backing, expanded retail allocation (~up to 30%), and staged 91-day lock-up create multiple liquidity events and potential post-IPO volatility catalysts.


SpaceX (SPCX US): Elon Musk's SpaceX Sets Terms with Surprising Fixed Price, Set to Raise $75b

Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>US stocks retreated from record highs as the Dow lost over 1%, driven by rising oil prices and trader concerns over a prolonged Middle East conflict impasse.</li>
<li>The US government's Strategic Petroleum Reserve fell to 357mn barrels following an 8mn barrel weekly draw, putting it on pace to hit its lowest level since the early 1980s.</li>
<li>SpaceX is targeting a milestone valuation of $1.75 trillion for its upcoming Nasdaq listing, positioning it immediately among the top ten most valuable public companies in the US</li>
</ul>


US stocks retreated from record highs as the Dow lost over 1%, driven by rising oil prices and trader concerns over a prolonged Middle East conflict impasse.
The US government's Strategic Petroleum Reserve fell to 357mn barrels following an 8mn barrel weekly draw, putting it on pace to hit its lowest level since the early 1980s.
SpaceX is targeting a milestone valuation of $1.75 trillion for its upcoming Nasdaq listing, positioning it immediately among the top ten most valuable public companies in the US


Ohayo Japan | Mideast Escalation Pulls US Stocks From Records

Applied Aerospace & Defense / Equity Capital Markets

Applied Aerospace & Defense, Inc. provides engineering and integrated manufacturing solutions for space and defense technology companies. The Company builds complex hardware for extreme operating environments in three core markets, including space and launch systems, defense aviation and airborne systems, and C5ISR and precision strike systems.

<ul>
<li>Applied Aerospace priced in the upper half of the range but failed to sustain early gains, closing 4.9% below its IPO price. </li>
<li>Shares opened 3.8% higher and briefly reached $20.95 before heavy selling pressure emerged within the first trading hour. </li>
<li>Investor attention may already be shifting toward next week's anticipated SpaceX IPO, limiting demand for secondary aerospace allocations.</li>
</ul>


Applied Aerospace priced in the upper half of the range but failed to sustain early gains, closing 4.9% below its IPO price. 
Shares opened 3.8% higher and briefly reached $20.95 before heavy selling pressure emerged within the first trading hour. 
Investor attention may already be shifting toward next week's anticipated SpaceX IPO, limiting demand for secondary aerospace allocations.


Applied Aerospace & Defense, Inc. (AADX): Falls Short of Liftoff on First Day

New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

<ul><li>Residential consents were strong in April at 45.6k (seasonally adjusted and annualised).</li><li>We expect geopolitical uncertainties, rising fuel costs, inflation concerns, and increased mortgage rates to weigh on consents over the coming months.</li><li>The May QVCostBuilder update indicated that the average price of a number of materials increased over the month, including ready-mix concrete (+4.1%), insulation (+4.7%), and plasterboard (+1.9%).</li></ul>

Residential consents were strong in April at 45.6k (seasonally adjusted and annualised).We expect geopolitical uncertainties, rising fuel costs, inflation concerns, and increased mortgage rates to weigh on consents over the coming months.The May QVCostBuilder update indicated that the average price of a number of materials increased over the month, including ready-mix concrete (+4.1%), insulation (+4.7%), and plasterboard (+1.9%).

Building Sector NZ Consents—Yet To Falter

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

Oshkosh Corporation designs, manufactures and markets fire and emergency apparatuses and specialty commercial and military trucks. The Company provides products such as pumpers, aerial and ladder trucks, tankers, rescue vehicles, snow removal vehicles, refuse truck bodies, and concrete mixers.

<ul><li>Oshkosh Corporation reported first quarter 2026 consolidated sales of approximately $2.3 billion, consistent with the prior year, while adjusted earnings per share stood at $0.85, modestly below previous guidance that anticipated EPS to be about half of the prior year’s figure.</li><li>The company noted that sales volumes in the vocational segment were impacted by fewer fire truck shipments than expected, attributed primarily to weather and travel disruptions delaying customer pickups, despite year-over-year production growth.</li><li>Nonetheless, Oshkosh maintained its full-year consolidated guidance with an expectation of improved performance in the second half.</li></ul>

Oshkosh Corporation reported first quarter 2026 consolidated sales of approximately $2.3 billion, consistent with the prior year, while adjusted earnings per share stood at $0.85, modestly below previous guidance that anticipated EPS to be about half of the prior year’s figure.The company noted that sales volumes in the vocational segment were impacted by fewer fire truck shipments than expected, attributed primarily to weather and travel disruptions delaying customer pickups, despite year-over-year production growth.Nonetheless, Oshkosh maintained its full-year consolidated guidance with an expectation of improved performance in the second half.

Oshkosh’s NGDV Ramp Could Reshape Its Second-Half Earnings Story!

Industrials
Industrials Insights

SpaceX (SPCX US): Elon Musk's SpaceX Sets Terms with Surprising Fixed Price, Set to Raise $75b

SpaceX prices IPO at $135/share for 555.5M shares, raising $74.4B–$85.7B for AI, Starship, and satellite growth, with potential post-IPO volatility.

IPO Boutique

Ohayo Japan | Mideast Escalation Pulls US Stocks From Records

US stocks fall as Dow loses over 1% due to rising oil prices and concerns over Middle East conflict, while US Strategic Petroleum Reserve hits...

Mark Chadwick

Applied Aerospace & Defense, Inc. (AADX): Falls Short of Liftoff on First Day

Applied Aerospace IPO priced high but closed below, initial gains lost due to heavy selling pressure. Investor focus now on upcoming SpaceX IPO,...

IPO Boutique

Building Sector NZ Consents—Yet To Falter

Residential consents were strong in April at 45.6k (seasonally adjusted and annualised). We expect geopolitical uncertainties, rising fuel costs,...

Forsyth Barr

Oshkosh’s NGDV Ramp Could Reshape Its Second-Half Earnings Story!

Oshkosh Corporation reported first quarter 2026 consolidated sales of approximately $2.3 billion, consistent with the prior year, while adjusted...

Baptista Research

SpaceX (SPCX US): Elon Musk's SpaceX Sets Terms with Surprising Fixed Price, Set to Raise $75b

​SpaceX prices IPO at $135/share for 555.5M shares, raising $74.4B–$85.7B for AI, Starship, and satellite growth, with potential post-IPO volatility.

IPO Boutique

Ohayo Japan | Mideast Escalation Pulls US Stocks From Records

​US stocks fall as Dow loses over 1% due to rising oil prices and concerns over Middle East conflict, while US Strategic Petroleum Reserve hits...

Mark Chadwick

Applied Aerospace & Defense, Inc. (AADX): Falls Short of Liftoff on First Day

​Applied Aerospace IPO priced high but closed below, initial gains lost due to heavy selling pressure. Investor focus now on upcoming SpaceX IPO,...

IPO Boutique

Building Sector NZ Consents—Yet To Falter

Residential consents were strong in April at 45.6k (seasonally adjusted and annualised). We expect geopolitical uncertainties, rising fuel costs,...

Forsyth Barr

Oshkosh’s NGDV Ramp Could Reshape Its Second-Half Earnings Story!

Oshkosh Corporation reported first quarter 2026 consolidated sales of approximately $2.3 billion, consistent with the prior year, while adjusted...

Baptista Research

SpaceX prices IPO at $135/share for 555.5M shares, raising $74.4B–$85.7B for AI, Starship, and satellite growth, with potential post-IPO volatility.

US stocks fall as Dow loses over 1% due to rising oil prices and concerns over Middle East conflict, while US Strategic Petroleum Reserve hits...

Applied Aerospace IPO priced high but closed below, initial gains lost due to heavy selling pressure. Investor focus now on upcoming SpaceX IPO,...