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

Wealthfront Corporation / Equity Capital Markets

Wealthfront Corporation operates as a financial solutions company. The Company provides a digital financial solutions platform designed to offers cash management, investment advisory, borrowing and lending, and financial planning services. Wealthfront serves customers in the United States.

<ul>
<li>Wealthfront targets digital-native high earners, with 1.3 million funded clients and $88.2 billion in platform assets, driving strong client retention and organic growth.</li>
<li>The IPO offers 34.6 million shares at $12–$14, raising $255.2 million, with proceeds supporting working capital, debt repayment, and potential acquisitions.</li>
<li>The company demonstrates robust financial performance: 26% year-over-year revenue growth, 36% net income margins, and a proven product-led growth strategy supported by strong client engagement.</li>
</ul>


Wealthfront targets digital-native high earners, with 1.3 million funded clients and $88.2 billion in platform assets, driving strong client retention and organic growth.
The IPO offers 34.6 million shares at $12–$14, raising $255.2 million, with proceeds supporting working capital, debt repayment, and potential acquisitions.
The company demonstrates robust financial performance: 26% year-over-year revenue growth, 36% net income margins, and a proven product-led growth strategy supported by strong client engagement.


Wealthfront Corporation (WLTH): Financial Platform Sets Terms Seeking North of $2.0b Valuation

Lumexa Imaging Holdings / Equity Capital Markets

Lumexa Imaging Holdings, Inc. operates as a holding company. The Company, through its subsidiaries, provides medical diagnostic imaging services including X-rays, MRI, CT scans, and mammogram. Lumexa Imaging serves patients in the United States.

<ul>
<li>Lumexa advances its IPO with a 25M-share offering, targeting a $1.6–$1.9B valuation and expecting over $427M in primary proceeds.</li>
<li>As the second-largest U.S. outpatient imaging provider, the company operates 184 centers with strong referral networks, high-growth markets, and leadership in advanced imaging.</li>
<li>Revenue growth remains steady and diversified across modalities, supporting a stable sector profile and an attractive risk-reward setup backed by a strong underwriting syndicate.</li>
</ul>


Lumexa advances its IPO with a 25M-share offering, targeting a $1.6–$1.9B valuation and expecting over $427M in primary proceeds.
As the second-largest U.S. outpatient imaging provider, the company operates 184 centers with strong referral networks, high-growth markets, and leadership in advanced imaging.
Revenue growth remains steady and diversified across modalities, supporting a stable sector profile and an attractive risk-reward setup backed by a strong underwriting syndicate.


Lumexa Imaging Holdings, Inc. (LMRI): Diagnostic Imaging Service Seeking up to $1.9b Valuation

Cardinal Infrastructure / Equity Capital Markets

Cardinal Infrastructure LLC operates as an infrastructure consulting company. The Company offers federal regulatory processes, issues and risk management, innovative contracting solutions, and relationship management services. Cardinal Infrastructure serves clients in the United States.

<ul>
<li>Cardinal Infrastructure sets terms for its IPO and could raise up to $253 million if priced at the high end of the range. </li>
<li>Cardinal Infrastructure offers full-service, in-house wet utility and site work solutions in fast-growing Southeastern markets, benefiting from strong demand, population growth, and reduced outsourcing needs.</li>
<li>A proven acquisition-led expansion strategy, deep customer relationships, and high repeat revenue underpin robust growth, a strong backlog, and successful market penetration in new geographies.</li>
</ul>


Cardinal Infrastructure sets terms for its IPO and could raise up to $253 million if priced at the high end of the range. 
Cardinal Infrastructure offers full-service, in-house wet utility and site work solutions in fast-growing Southeastern markets, benefiting from strong demand, population growth, and reduced outsourcing needs.
A proven acquisition-led expansion strategy, deep customer relationships, and high repeat revenue underpin robust growth, a strong backlog, and successful market penetration in new geographies.


Cardinal Infrastructure Group Inc. (CDNL): Infrastructure Play Sets Terms for IPO

<ul>
<li>Lumexa Imaging, one of the nation’s largest outpatient imaging providers, could join the limited group of IPOs expected to debut in December 2025.</li>
<li>The company operates 184 centers across 13 states, benefiting from strong population growth markets and a broad, diversified referring-physician network.</li>
<li>Backed by WCAS and supported by scalable technology and growing advanced imaging demand, Lumexa shows steady revenue momentum ahead of a potential year-end IPO.</li>
</ul>


Lumexa Imaging, one of the nation’s largest outpatient imaging providers, could join the limited group of IPOs expected to debut in December 2025.
The company operates 184 centers across 13 states, benefiting from strong population growth markets and a broad, diversified referring-physician network.
Backed by WCAS and supported by scalable technology and growing advanced imaging demand, Lumexa shows steady revenue momentum ahead of a potential year-end IPO.


Lumexa Imaging Holdings, Inc. (LMRI): Peeking at the IPO Prospectus of a Diagnostic Imaging Service

Grayscale Investments / Equity Capital Markets

<ul>
<li>Grayscale positions for a 2025 IPO as the largest U.S. digital-asset investment platform with $35 billion AUM and broad institutional-grade product coverage.</li>
<li>The firm targets a $4 trillion digital-asset market, leveraging diversified ETPs and strong investor adoption to expand regulated access and long-term growth potential.</li>
<li>Despite sector volatility, Grayscale aims to capitalize on rising institutional demand, product innovation, and its scale advantages to drive future public-market performance.</li>
</ul>


Grayscale positions for a 2025 IPO as the largest U.S. digital-asset investment platform with $35 billion AUM and broad institutional-grade product coverage.
The firm targets a $4 trillion digital-asset market, leveraging diversified ETPs and strong investor adoption to expand regulated access and long-term growth potential.
Despite sector volatility, Grayscale aims to capitalize on rising institutional demand, product innovation, and its scale advantages to drive future public-market performance.


Grayscale Investments (GRAY): Peeking at the IPO Prospectus of a Digital Asset Focused Platform

US ECM
Coverage of US IPOs & Placements

Wealthfront Corporation (WLTH): Financial Platform Sets Terms Seeking North of $2.0b Valuation

Wealthfront targets high earners; IPO of 34.6M shares raises $255M. Strong retention, 26% revenue growth, 36% net margins, funds used for capital,...

IPO Boutique

Lumexa Imaging Holdings, Inc. (LMRI): Diagnostic Imaging Service Seeking up to $1.9b Valuation

Lumexa prepares for IPO with strong revenue growth and leadership in advanced imaging, targeting $1.6–$1.9B valuation and $427M in proceeds.

IPO Boutique

Cardinal Infrastructure Group Inc. (CDNL): Infrastructure Play Sets Terms for IPO

Cardinal Infrastructure plans IPO, aiming to raise $253 million with strong growth potential in Southeastern markets through full-service wet...

IPO Boutique

Lumexa Imaging Holdings, Inc. (LMRI): Peeking at the IPO Prospectus of a Diagnostic Imaging Service

Lumexa Imaging is poised for a potential IPO in December 2025 with strong revenue momentum and broad network of centers.

IPO Boutique

Grayscale Investments (GRAY): Peeking at the IPO Prospectus of a Digital Asset Focused Platform

Grayscale plans for 2025 IPO as top U.S. digital-asset investment platform, targeting $4 trillion market with diversified ETPs and institutional...

IPO Boutique

Wealthfront Corporation (WLTH): Financial Platform Sets Terms Seeking North of $2.0b Valuation

Wealthfront targets high earners; IPO of 34.6M shares raises $255M. Strong retention, 26% revenue growth, 36% net margins, funds used for capital,...

IPO Boutique

Lumexa Imaging Holdings, Inc. (LMRI): Diagnostic Imaging Service Seeking up to $1.9b Valuation

​Lumexa prepares for IPO with strong revenue growth and leadership in advanced imaging, targeting $1.6–$1.9B valuation and $427M in proceeds.

IPO Boutique

Cardinal Infrastructure Group Inc. (CDNL): Infrastructure Play Sets Terms for IPO

​Cardinal Infrastructure plans IPO, aiming to raise $253 million with strong growth potential in Southeastern markets through full-service wet...

IPO Boutique

Lumexa Imaging Holdings, Inc. (LMRI): Peeking at the IPO Prospectus of a Diagnostic Imaging Service

​Lumexa Imaging is poised for a potential IPO in December 2025 with strong revenue momentum and broad network of centers.

IPO Boutique

Grayscale Investments (GRAY): Peeking at the IPO Prospectus of a Digital Asset Focused Platform

​Grayscale plans for 2025 IPO as top U.S. digital-asset investment platform, targeting $4 trillion market with diversified ETPs and institutional...

IPO Boutique

Lumexa prepares for IPO with strong revenue growth and leadership in advanced imaging, targeting $1.6–$1.9B valuation and $427M in proceeds.

Cardinal Infrastructure plans IPO, aiming to raise $253 million with strong growth potential in Southeastern markets through full-service wet...

Lumexa Imaging is poised for a potential IPO in December 2025 with strong revenue momentum and broad network of centers.

Grayscale plans for 2025 IPO as top U.S. digital-asset investment platform, targeting $4 trillion market with diversified ETPs and institutional...